Getting a home loan after bankruptcy is not impossible. If you know exactly how to improve your chances of successful loan qualification, you actually do stand a very good chance of qualifying for a home loan mortgage, even if you have declared bankruptcy.

Now, it is absolutely imperative you keep your credit score in tip top shape. If you have a bankruptcy or default on your credit history, any sort of lender will be very suspicious of lending you any money. This is because lenders operate on risk, and you, as someone who has declared bankruptcy, are very high risk indeed. If you can prove to the lenders that you can control your spending and pay your bills on time, they will give you a loan, bankruptcy or no bankruptcy.

Where many people go wrong here is that they get far to impatient. There is an unwritten rule amongst lenders that people who have declared bankruptcy should not apply for a loan until two years after their bankruptcy discharge.

This is because it will take a person several years to repair their credit rating to a good status. It also provides lenders with a fairly look interval from which to examine your payment histories. If you maintain flawless credit payments for two years, this is a good sign that you will make payments on a loan.

To build up your credit, you should consider getting a credit card if you don’t have one. There are a variety of options out there to choose from. You may initially find it difficult to get an unsecured credit card; however, you can always get a secured credit card if you can’t qualify for anything else.

So, if you want to get a home loan after bankruptcy, it is possible. But you will need to have good credit – something achievable within a couple years of responsible spending.