Permit some 'grace period' to pass.
At least two years must elapse after bankruptcy discharge before applying for a mortgage. Some banks and other lenders will sanction a mortgage loan after you have been discharged for 24 hours, but the interest rates are typically extremely high. Therefore, postpone the application for at least two years while you focus on repairing your credit score.
Reestablish your credit history.
Obtain a new line of credit from your bank, such as a secured credit card. Discuss with your financiers the possibility of opening a checking or savings account that will allow you to obtain a secured credit card. There are also poor credit auto loans available. You can use any of these to begin reestablishing and strengthening your credit rating.
Develop or hone behaviors that contribute to your credit history.
The finest of these habits is timely bill payment. In addition to costing you more money, late payments lower your credit score and increase your frustration. This will prevent you from obtaining a mortgage loan after bankruptcy discharge.
Maintain an extremely low debt-to-income ratio.
When you receive a secured credit card, for instance, be sure to pay off the balance immediately. Make modest monthly purchases for which you can easily pay off the balances each month. If you cannot pay the entire balance each month, you should pay more than the required minimum. Have little debts as feasible. This will only improve your credit score and assist you in obtaining the mortgage.
5. Commence to save for a down payment.
As you improve your credit score, begin saving for a down payment on your mortgage. A down payment reduces mortgage interest rates and increases your likelihood of being approved for a loan. The typical down payment is 20% of the loan's purchase price. If you are able to save enough money for a larger down payment, that can only work in your favor.
6. Request no-obligation mortgage estimates.
Get at least 3 no-obligation quotes from mortgage lenders. The simplest method is to visit a mortgage broker and request this information. When you receive these quotations, compare them and choose the one with the lowest rates and most favorable repayment terms. This will enable you to save money when you finally submit your mortgage application.""
" - https://www.affordablecebu.com/