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There is still hope in getting a loan and buying your dream home after filing for bankruptcy. Even with your bankruptcy history, there are many lenders out there who are willing to qualify you for mortgage. What mortgage lenders will look for and put more emphasis on is income verification and a down payment. If you have a secured income and can afford to pay the down payment, then you have a good chance.

Waiting period

Most lenders will want you to wait at least two years from the time of bankruptcy discharge before you can be considered for a mortgage loan. After this waiting period of two years, you will have a shot at getting a loan and up to 100 percent financing. Of course, you should have a good credit rating after your bankruptcy discharged. This means that all your credit payments should have been made on time. Cash on hand for a down payment is also a good way to get your foot in the door.

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Resources for down payment

If you do not have enough money in the bank, one idea for you to obtain the cash for down payment is to borrow from relatives. Once you have obtained the house, you can try taking out a second or third mortgage up to the full value of your property so you will be able to repay your relatives. You can also check out down payment assistance programs or grants because they can also help you in getting the down payment. You can search the Internet for these programs by keying in $%:down payment assistance$%: in your favorite search engine. But be wary because there are many bad credit mortgage lenders out there. You can get a list of these bad credit mortgage lenders on the Internet.