When you're thinking about how to get a home after bankruptcy and start looking at
your finances it can seem like an impossible feat--it's easy to get discourage quickly. Now, the truth is that no one will offer you a mortgage immediately after discharging your debts, which may seem harsh, but within two years you can start applying. This is precious time you need to get your finances together and build some credit so you can get a decent interest rate and get a loan you'll really be able to handle on a monthly basis.
Ideally you want to start planning for this immediately. A detailed plan is the best way to cut down on the time it will take you to get yourself in a desirable situation.
There are two things to keep in mind when planning to buy a house--your down payment and your credit history. A good sized down payment goal is twenty percent of the amount the house is worth. This does a lot of things for you. It shows that you're serious and able to manage your money. It shows that you've been thinking about this for a while. And it will be make it so you don't need to pay PMI (private mortgage insurance) which will cut down your monthly expenses. This will also help offset your negative history.
A good credit history is made up of two different types of payments: installment (loans) and revolving (credit cards). You want to have positive history with both of these types of payments. Now, it can be difficult trying to get these things when you have a recent bankruptcy in your history, but there are options out there built specifically for this. Take a look at secured credit cards and a variety of secured loans options to get yourself started.
Looking at how to get a home after bankruptcy can be very intimidating, but once you build a plan and start moving forward you'll be on your way to realizing your goals.