Home Loans After Bankruptcy � Get Yours Now

If you have filed bankruptcy in the recent past, you likely believe that owning your own home is never going to be a possibility for your family now. The truth of the matter is that while it is difficult to rebuild your credit following bankruptcy, you can get a fresh start and build the type of credit that it takes to obtain a home loan soon.First Things FirstWhen you have had your bankruptcy proceedings discharged in bankruptcy court, the first action that you should take is to check your credit report. Allow a few weeks for the bankruptcy to be noted on your credit file, and then check your credit report with all three major credit reporting bureaus, including Experian, Equifax, and Trans Union. While most incidences of bankruptcy are duly noted on the credit report, sometimes the credit bureau fails to report bankruptcies appropriately. If any accounts on your credit file still show delinquent but were included in your bankruptcy, you need to contact the bureau in question immediately and request that they update your records. Check back to make sure that they do. This ensures that your slate is truly wiped clean. Accounts that were discharged during the bankruptcy should be indicated as such.Establishing Credit AgainNext, you will want to work on establishing credit again. A good first step is to open up a secured credit card account. This type of credit card account is easy to be approved for, even for those who have experienced bankruptcy. You will be asked to make a deposit that is equal to the amount of credit that you wish to have extended to you, and that deposit is held for the first year or so that you have the card. You will receive a regular credit card statement and bill each month. Credit cards that are secured can be used just like a regular credit card, and feature monthly or quarter reporting to the credit bureaus.Be sure to practice good borrowing behavior and be responsible with your card. Never exceed more than one-half of the available credit on your secured credit card, and always pay your balance down each month to make it less than one-third of the available credit line. For example, if your secured card has a credit limit of $1,000, spend no more than $500 each month and pay off all but $300. Run a thirty percent balance to show that you know how to manage your credit. Never exceed your available balance or go over the limit. Make all of your payments on time as early as possible.Take Out An Automobile LoanAutomobile loans are great for helping to rebuild your post-bankruptcy credit, and they are easier to get than other types of loans because the automobile is collateral for the loan. Fail to pay for it and the lender repossesses the car or truck ? simple as that. For this reason, you can get approval for an automobile loan quite easily after bankruptcy, especially if you have a down payment. Make your payments as agreed on your auto after bankruptcy loan and you will begin to see fast points stack up on your credit score.Be PatientBankruptcy leaves a scar on your credit file that is hard to disguise, but with patience and persistence, and with the establishment of smaller lines of credit like secured credit cards and auto loans, you can slowly build your credit up in order to qualify for a home loan after bankruptcy. Use the time that your are repairing your credit and building up your borrowing reputation to save for a down payment towards your new home. Aim for about ten percent of the purchase price in order to up your chances of being able to obtain your home loan.