| Have you had financial troubles? Maybe you have had | | | | ability to afford the house payment. If you pile up debt |
| to file for bankruptcy? If so, you are probably | | | | and payment obligations, you will not be able to qualify |
| wondering if you will ever be able to purchase a home. | | | | to purchase the home you want. It is important to keep |
| Owning a home is the American Dream and can be | | | | credit card and auto payments to a minimum so that |
| achieved after a bankruptcy if you do the right things. | | | | you have your income available to qualify for your |
| If you have a bankruptcy on your credit, it will not be | | | | home. |
| as easy to qualify for home financing but it is possible. | | | | Save for a Down Payment |
| Here some ideas to help you get into your dream | | | | When buying a home after bankruptcy, the need for a |
| home. | | | | down payment is that much greater. You will want to |
| Build Your Credit | | | | put aside any extra money that you can each month. |
| The bankruptcy is an obvious blemish to your credit. | | | | The more money you have to put down, the better |
| You need to establish good credit to show that you | | | | chance you have of qualifying for a mortgage. Some |
| are now a good credit risk for the lenders. A credit | | | | ideas for down payments can be to borrow against or |
| card or two is a good way to do this. You want to | | | | cash out a retirement plan or to get a gift from a |
| use them wisely to avoid getting into financial trouble | | | | relative as well. |
| again and make sure your make your monthly | | | | It never hurts to apply for a home loan and see where |
| payments on time. The last thing you can afford are | | | | you stand. You may get surprised and get approved |
| further credit blemishes after your bankruptcy. You | | | | sooner than you thought you could. Even if you don't, |
| may even need to get a secured credit card to | | | | you can get some valuable feedback on the areas |
| establish this new credit. This is done by depositing | | | | you need to work on to get approved. |
| funds with the credit card company and they issue | | | | If you are unable to get approved for a loan today, |
| your credit card against these funds so they are not | | | | you may want to consider a lease option on a home |
| at risk. Once you have proved a positive payment | | | | or finding a seller who is willing to provide seller |
| history, you will be able to have traditional credit cards. | | | | financing. This way you can get into a home now and |
| Avoid Debt | | | | then do a refinance loan later when you have |
| A key factor in being able to purchase a home is your | | | | established your credit and financial situation. |