Did you file for bankruptcy recently and wonder about qualifying for a mortgage with the bankruptcy still appearing on your credit report? There are a number of homeowners who have qualified for homes before their bankruptcies disappeared off of their credit reports. The following are a few points to keep in mind if you intend to try to buy a home with the bankruptcy still on your report.

Credit Score

The credit scores of individuals who file for bankruptcy suffer greatly initially. One of the first things you should aim to do is start rebuilding your credit. This can be difficult since it will take time for creditors to be willing to extend unsecured credit to someone with a recent bankruptcy. You can start trying to rebuild your credit by getting a secured credit card that reports to all three of the major credit bureaus. Use it responsibly over time to improve your credit score. 

Wait Period

It is easy to want to get back to life and enjoy things after a bankruptcy. However, it can take years to rebuild credit and prove that you are financially responsible. If you dislike apartment living, you may be able to rent a home. Real estate companies often work with homeowners who want to rent their homes. You may even be able to find a lease-to-own home. These rent-to-own homes are great since you probably don't have the means at the moment for a down payment.

It is ill-advised to try to get a mortgage before you have waited at least two years. This is because you could get denied, which could hurt your credit score. You may also end up getting approved for a mortgage that has a high-interest rate, which means more debt in the long run. Try to save money for your down payment on a home during your credit rebuilding time.

Improved Credit 

When sufficient time has passed and your credit has improved, you can attempt to apply for a mortgage loan. Keep in mind that interest rates may still be high for you due to some lenders looking at the bankruptcy still on your report. You could qualify for an FHA Loan even though you have a bankruptcy on your credit. So, do not only focus on traditional mortgage lenders.

A real estate agent can help you locate properties that meet your budget and specifications. They might also be aware of lenders that have a reputation of approving mortgages to individuals who have discharged bankruptcies.