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

So you have been through a bankruptcy and surely have beentold to wait at least two years before applying for a homeloan. Waiting two long years without any guarantee of beingapproved for a mortgage after bankruptcy can bedisheartening. Fortunately, this advice no longer holdstrue.

Today, there is a growing realization of the need to offerhome loan products that are specifically designed forborrowers with an imperfect credit or financial history.Mortgage programs have been created especially for borrowerswho have gone through a bankruptcy. In fact, those with abankruptcy discharged for even one day may apply for a homeloan. That's right, if your bankruptcy was dischargedyesterday, you can qualify for a mortgage today!

Now you are probably thinking that although you areeligible, it will be difficult to qualify. The truth is thatqualifying is much easier than you think. The fact that youhave been through bankruptcy is not even considered in theevaluation of your credit. Any liens, collections orjudgments that appear on your credit report will also not beused in the evaluation of credit and will not need to bepaid off.

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

With the competitive rates that are available on mortgageafter bankruptcy programs, you are able to realize the dreamof homeownership with a mortgage payment that is affordableand fits easily within your budget. Along with thetraditional benefits of owning a home, such as equitybuilding and tax benefits, you will most importantly berebuilding your credit profile. Additionally, you may alsobenefit from the current strong housing market and itsappreciating home values.

So now you know the following: that you can qualify for ahome loan today, what the credit requirements for a mortgageare, and that you can rebuild your credit and financial lifethrough homeownership. Gone forever are the days of waitingtwo years and living with the dim prospect of obtaining amortgage after bankruptcy. You have worked hard to dischargeyour bankruptcy and have the fresh start that you werelooking for.

There is empowerment that comes with the knowledge that youcan purchase a home today even if your bankruptcy wasdischarged yesterday. So get qualified for a home loan,start searching for a home and begin packing those boxes!

Lee Seno is Director of Consumer Education for Ascenteum Mortgage.

Ascenteum Mortgage is THE SOURCE for specialty mortgage products including stated income loans, interest only loans, and mortgages after bankruptcy.

For additional information, visit Ascenteum Mortgage =>Mortgage after Bankruptcy