Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today! by:Lee Seno

So you have been through a bankruptcy and surely have been told to wait at least two years before applying for a home loan

. Waiting two long years without any guarantee of being approved for a mortgage after bankruptcy can be disheartening. Fortunately, this advice no longer holds true.

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

Now you are probably thinking that although you are eligible, it will be difficult to qualify. The truth is that qualifying is much easier than you think. The fact that you have been through bankruptcy is not even considered in the evaluation of your credit. Any liens, collections or judgments that appear on your credit report will also not be used in the evaluation of credit and will not need to be paid off.

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

With the competitive rates that are available on mortgage after bankruptcy programs, you are able to realize the dream of homeownership with a mortgage payment that is affordable and fits easily within your budget. Along with the traditional benefits of owning a home, such as equity building and tax benefits, you will most importantly be rebuilding your credit profile. Additionally, you may also benefit from the current strong housing market and its appreciating home values.

So now you know the following: that you can qualify for a home loan today, what the credit requirements for a mortgage are, and that you can rebuild your credit and financial life through homeownership. Gone forever are the days of waiting two years and living with the dim prospect of obtaining a mortgage after bankruptcy. You have worked hard to discharge your bankruptcy and have the fresh start that you were looking for.

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

About the author

Lee Seno is Director of Consumer Education for Ascenteum Mortgage. Ascenteum Mortgage is THE SOURCE for specialty mortgage products including: mortgage after bankruptcy, bad credit mortgages, and stated income loans. For more information visit http://www.ascenteum.com/mortgage-after-bankruptcy.

POST COMMENT

How You Can Save On Conference Calling by:Markus Wahlgren International business for small and mendium companies by:Augustas Aleshiunas "Future Plans" Job Interview Questions by:Scott Brown Online Auctions: New Way of Shopping by:Tomas York Home Loans and Mortgages - Tips to Avoid Foreclosure by:Charlie Essmeier Credit Card Debt - Watch Your Credit Report and Your Bill by:Charlie Essmeier UK Personal Loans: The Perfect Way To Borrow Money by:Tim Kelly Risk and Stock Trading Fees: The Two Barriers To Overcome If You Want A Successful Trading Career by:David Jenyns Getting Ready To Work At Home by:Jan Kovarik Where Else In Your Business Do You Accept a 60% Failure Rate? by:Roger Harrop How to Increase the Cash Flow in Your Private Practice in 30 Days by:Dianne E. Dawson, M.A. The Most Important Decision of Your Massage Business Career by:Elizabeth Fletcher Brown What Are Chemical Bonds and Why Do They Form? by:George V Grant