It is actually possible to get a home loan after bankruptcy.  It doesn’t mean that your credit life is over because you had slipped into bankruptcy. The difficult part is to find a lender who provides loans to people who had filed for bankruptcy. People have found their financial lives back on track and built strong financial futures after their bankruptcy discharge. They became free from the shackles of old debt and used the new freedom to be able to work and earn back their credit status.

After the bankruptcy discharge period you may try for a home mortgage if you are confident that you have capacity to repay the mortgage as well as meet all other expenses like the taxes, legal fees, maintenance etc.  You should have also build up good credit by this time.  That means you should have been regular in your credit card and other loan payments and paid them in time. This would have not only built for you a good credit score, but also credit worthiness. Creditworthiness is very important for your future attempt to home ownership.

The first thing to consider when you decide to buy a home after bankruptcy is to determine the cost of the house you can afford to buy.  Lenders usually pre-approve for a monthly repayment that amounts to 28% of your pre-tax monthly income. You should also take into account the interest, taxes and home insurance. You should be able to set aside about at least 20 percent of your monthly income before tax for the home mortgage payment.  Most of the lenders wait for at least two years after the discharge of your bankruptcy.  If they find that you do not have any credit problem and that you have been regular in all your bill payments they will be willing to provide you with a home mortgage. You may even get 100% financing if you have been prompt and regular in paying your dues in the period following the discharge of your bankruptcy.  

In case you cannot wait till the discharge of your bankruptcy you can still go for a home mortgage if your payments in the period immediately preceding that are regular and prompt. In addition you should put down a small down payment so that your application for the home mortgage is strengthened.  This down payment will be around 4-6 percent of the total down payment.

When talking to your prospective lenders, remember to emphasize the fact that you have rebuilt your credit in that short duration from your bankruptcy status. You can even find out your Fair Isaacs score at myfico.com which most of the lenders use. Two years after your bankruptcy is the time when you will not be affected by your filing bankruptcy.  Bankruptcy friendly lenders will provide you with a home mortgage with an affordable interest rate if you can prove your creditworthiness. You should be a smart buyer and compare the prices, costs and terms of different lenders. Your present job, how long you work at the same place, and if it is a full time job are some factors that will count for the approval of your home mortgage. In essence it is in your hands to buy a home with an affordable mortgage even after bankruptcy.