Home loans after bankruptcy

Home Loans After Bankruptcy

No one plans to go through bankruptcy, however events arise in life that can lead to it. But don’t worry, you can rebuild your credit score and still get a home loan even after bankruptcy.

How to Rebuild Credit After Bankruptcy

The first step to take after leaving bankruptcy is to understand your credit score and how the bankruptcy affected it. There are a few ways to rebuild your credit score:

  • Pay your bills on time: Keep your accounts in good standing and pay your bills on time.
  • Monitor your credit report: Track your credit reports to check for any inaccuracies and errors.
  • Get a secured credit card: A secured credit card can help you build credit without any risk.
  • Get a cosigner: If you can find a friend or relative who is willing to be a cosigner for your loan, you may be able to get a loan.
  • Open a new account: Opening a new credit card or loan account can help you rebuild your credit, just be sure to make your payments on time.

Getting a Home Loan After Bankruptcy

Once you have had a few months to rebuild your credit score and you’ve made all of your payments on time, it’s time to look into getting a home loan.

Typically, you may have to wait two to three years after bankruptcy to qualify for a mortgage loan. During this waiting period, you should focus on rebuilding your credit score and ensuring that your accounts are all in good standing.

Once you have the required credit score, you can begin the process of applying for a home loan. You may have to put down a larger down payment then usual and you may have an increased interest rate.

You may also have to get private mortgage insurance, which is usually required if you put less than 20% down.


Bankruptcy can be a difficult event to overcome, but with a bit of patience and work it is possible to build your credit score and get back on track.

With the right practices and effort you can rebuild your credit score and eventually qualify for a home loan, even after bankruptcy.






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