Bankruptcy Discharged Yesterday? Purchase a Home Today!

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!



========================================



Lee Seno is the Director of Consumer Education for

Ascenteum Mortgage.



Ascenteum Mortgage specializes in assisting clients

with bad credit or bankruptcy obtain mortgages to purchase

a home, refinance a loan, or consolidate debt.



For additional information click => Mortgage after Bankruptcy