| You should be able to qualify for a home loan | | | | you may not yet have available in your bank account. |
| post-bankruptcy, though most lenders require that you | | | | They include: |
| wait two years after discharge. One of the biggest | | | | 1. Ask for a gift from relatives. Maybe you know that |
| concerns on the minds of those considering filing for | | | | someone (your parents or grandparents, for example) |
| bankruptcy is whether they'll be able to buy the house | | | | intend to leave you money upon their passing. Or |
| they've dreamed of owning post-bankruptcy. For | | | | perhaps your relatives have been offering for years to |
| many, it seems like an impossibility, but it's not. It's true, | | | | help you with your financial problems, but you haven't |
| though, that most lenders are going to want you to | | | | wanted to trouble them. It's perfectly okay to accept a |
| wait at least two years after receiving your | | | | gift from relatives to finance the down payment. Just |
| bankruptcy discharge (i.e. forgiveness) before they'll | | | | remember that the lender is going to ask where the |
| consider giving you a mortgage loan. | | | | down payment is coming from, and you cannot lie |
| Once that two-year waiting period is over, however, it | | | | about this-if the "gift" is really a loan you have to pay |
| shouldn't be too hard to get financing for a home, | | | | off, you must disclose that to the lender. |
| possibly even 100% financing. How can you achieve | | | | 2. Down payment assistance programs like |
| this? By making a concerted effort to make all bill and | | | | Neighborhood Gold or the Nehemiah program may be |
| credit payments after bankruptcy on time. Also, saving | | | | able to help you. These programs aid the seller in |
| up enough to make a down payment on the home | | | | providing you with a down payment. While it's illegal to |
| should make it even easier to get a home loan after | | | | accept a down payment from the seller of a property, |
| bankruptcy. | | | | with these programs, it is legal. Just make sure you |
| Trying to get a mortgage loan after bankruptcy but | | | | have proper advice from a real estate agent or |
| prior to that two year period will probably be a lot | | | | attorney to make sure everything is on the up and up. |
| trickier. You'll pretty much have to have a down | | | | There are also other down payment assistance |
| payment saved (even as little as 3-5%), along with a | | | | programs, usually grants that do not require repayment |
| flawless payment history post-bankruptcy discharge. | | | | which you can check into. |
| You may find that it's worth it to wait that two-year | | | | 3. You may have the option of cashing out a 401(k) or |
| period and make sure to save up for a down | | | | other investment to use as a down payment, though |
| payment while paying all your bills on time. | | | | you'll want to take into account any penalties early |
| There are ways to obtain a down payment for a | | | | cash-out may incur. |
| post-bankruptcy mortgage besides saving up money | | | | |