| If you have a recent bankruptcy on your credit and | | | | 1. Borrow or ask for a gift from relatives. After you |
| are looking to get financing for a home, there is hope. | | | | have financed the house, you can usually go and take |
| Buying a home with bad credit will just put more | | | | out a 2nd or 3rd mortgage up to the full value of your |
| emphasis on the other two factors needed to get a | | | | house, and then you could repay the relatives. Keep in |
| mortgage loan, which are; income verification and a | | | | mind that if you intend the money to be as a loan only |
| down payment. | | | | from the relatives, you would need to disclose that to |
| After bankruptcy most lenders want you to wait at | | | | the lender before you close. Lenders usually have |
| least 2 years from the time of the bankruptcy | | | | regulations about where the down payment is coming |
| discharge before they will consider you for a | | | | from and if you are not honest, it could be considered |
| mortgage loan. After the two year waiting period is | | | | defrauding a lender. |
| over, you should be able to get financing easily. You | | | | 2. There are down payment assistance programs like |
| should also be able to get 100% financing as well. You | | | | Neighborhood Gold or the Nehemiah program. These |
| can usually achieve this as long as at least most of | | | | programs basically aid the seller in helping you with a |
| your payments have been reported to the credit | | | | down payment. Receiving a down payment from the |
| bureau as having been paid on time since the | | | | seller of the property is illegal, but through these |
| discharge of your bankruptcy. | | | | programs, it is legal. There are also other down |
| If you are looking to get a mortgage loan after | | | | payment assistance programs which are grants and |
| bankruptcy sooner than the 2 years from the time of | | | | do not need to be repaid or paid for by anyone. To |
| discharge, you will need to have almost flawless | | | | find out about these, do a search on "down payment |
| payment history since your bankruptcy discharge. Also, | | | | assistance" with your favorite search engine. |
| you may need to have a down payment. If you have | | | | 3. You could cash out a 401K or another investment |
| even 3-5% to use as a down payment, that may be | | | | and like in the first example, repay yourself with a 2nd |
| enough to help you get approved. | | | | or 3rd mortgage after the loan has closed. |
| There are ways to get a down payment for your | | | | Mortgage loans after bankruptcy are getting to be |
| mortgage besides having the money saved in the | | | | much easier to obtain these days. |
| bank. Here are some ideas of ways to do that: | | | | |