Even if you have had a recent bankruptcy you can still get a mortgage. Rebuilding your credit can be difficult. However it is well worth the effort.

Do everything possible to help restore your rating. Try applying for a credit card even if you do not intend to use it as acceptance by a card provider will show mortgage companies that you are regarded as a relatively safe prospect despite your financial predicament.

There are still sub prime lenders that will still give you 100% financing one day off a bankruptcy discharge. There are certain requirements however and not every borrower will qualify. It is best to start talking with your mortgage broker if you need a mortgage after a bankruptcy.

There are even lenders that will allow you to refinance to buyout your bankruptcy. Your mortgage broker will have more information on those lenders as well as who will finance you once you have received your discharge.

It will help increase your chances for a mortgage after a bankruptcy if you can leave at least 2 trade lines open through the bankruptcy.

If you are renting an apartment or a house you will also want to keep copies of your rent checks for at least 24 months. Many lenders that allow you to refinance soon after bankruptcy will require some type of proof of your rental history, and may not take your landlords word regarding your payment history.

Lenders will carefully examine your credit report for payment history post bankruptcy. Once your bankruptcy is discharged you should concentrate on making every debt payment on time. Lender's are willing to give you another chance as long as you can show you have changed the habits that led to the bankruptcy.

Many people are surprised to know that you can qualify for a prime rate (good credit) mortgage in as little as two to four years post BK!

Some lenders will even provide mortgage loans one day out of bankruptcy. The rate may not be the best, but it will help to reestablish credit after the bankruptcy.

If you have filed a bankruptcy and are concerned about getting a loan then call your mortgage professional. They will tell you exactly what you qualify for and what costs are involved.

Not all bankruptcies are the same. A chapter 7 bankruptcy most ofte requires liquidation of property where as a chapter 13 may not. This may affect the type of mortgage you qualify for.

A lender that specializes in bankruptcy will increase your chances of obtaining the best rate, terms, and speed of processing of your loan. At least confirm with the firm you working with, which is hard to do unless they specialize, if they have experience with helping people in or out of BK. In a BK loan, there are extra steps in the loan process so working with a specialized BK lender will increase your chances of getting your loan approved and in a reasonable time frame.