You really can get a mortgage after you have declared bankruptcy; yes, bankruptcy will ruin your credit rating, but it does not completely destroy any and all chances of you getting a credit loan or even a mortgage at some point in your future. But, make no bones about it, it’s not going to be easy.

If your bankruptcy has been discharged, then it is possible for you to purchase a home; you must, however, keep a few things in mind.

First of all, you need to wait for at least two years after the discharge of your bankruptcy before you apply for a loan; the chances of getting a lender to consider loaning you the money for a mortgage increases the longer after the discharge you wait. The reason for this is simple; the lenders want to make sure that you have managed to pull your finances together since the bankruptcy, and a minimum of two years of credit will give them a better idea of your current state.

If you can put down 3-5% of the purchase price of the house you are looking at, even if you have a bankruptcy in your history there is a good chance you will get the loan. You may not even have to wait the entire two years for the mortgage if you have a large enough down payment; although you still may not be able to get 100% financing for the price of the home. If, however, you have been improving your credit over the past two years and you have the money to make a down payment, then your chances of getting approved for 100% financing of the home improve greatly.



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So, if you have a bankruptcy in your past, you still can manage to purchase your own home, as long as you have very good credit after the bankruptcy has been discharged. While there are those lenders who will help those who have poor credit, if you have had a bankruptcy in your past, the lenders are going to look very hard at your credit rating once it has been discharged.