Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

So you have got got been through a bankruptcy and surely have been told to wait at least two old age before applying for a home loan. Waiting two long old age without any warrant of being approved for a mortgage after bankruptcy can be disheartening. Fortunately, this advice no longer throws true.

Today, there is a growth realisation of the need to offer home loan merchandises that are specifically designed for borrowers with an imperfect credit or financial history. Mortgage programs have got got been created especially for borrowers who have gone through a bankruptcy. In fact, those with a bankruptcy discharged for even one twenty-four hours may apply for a home loan. That's right, if your bankruptcy was discharged yesterday, you can measure up for a mortgage today!

Now you are probably thinking that although you are eligible, it will be hard to qualify. The truth is that qualifying is much easier than you think. The fact that you have got been through bankruptcy is not even considered in the rating of your credit. Any liens, aggregations or judgements that look on your credit report will also not be used in the rating of credit and will not need to be paid off.

What is of import and what will be looked at is your credit score. Now here is the good news: with a minimum FICO score of 500, you are qualified to purchase a home with a 20% down feather payment. Having a credit score between 550 and 579 will allow you to borrow up to 95% of the purchase price; and with any score above 580, you are qualified for 100% financing.

With the competitory rates that are available on mortgage after bankruptcy programs, you are able to recognize the dreaming of homeownership with a mortgage payment that is low-cost and tantrums easily within your budget. Along with the traditional benefits of owning a home, such as as equity edifice and tax benefits, you will most importantly be rebuilding your credit profile. Additionally, you may also profit from the current strong lodging market and its appreciating home values.

So now you cognize the following: that you can measure up for a home loan today, what the credit demands for a mortgage are, and that you can reconstruct your credit and financial life through homeownership. Gone forever are the old age of waiting two years and life with the dim prospect of obtaining a mortgage after bankruptcy. You have got got worked hard to discharge your bankruptcy and have the fresh start that you were looking for.

There is authorization that come ups with the knowledge that you can purchase a home today even if your bankruptcy was discharged yesterday. So get qualified for a home loan, start searching for a home and get packing material those boxes!