Just because you have filed for bankruptcy, you should not give up on your dreams of owning your own home. There are mortgage companies that will give you a home loan after bankruptcy. These lenders specialize in bankruptcy home loans and work with people in most any financial situation. Most bankruptcy home loan companies require that you have a minimum of 500 on your credit score. If you fall in this category, these lenders will work hard to customize a home loan that will work for your individual needs.
* If you are seeking a home loan after bankruptcy, you should know you will only be eligible for 80% financing. This means that you must come up with the remaining 20% and it will be used as your down payment.
* You should know that your debt to income ration will need to fall within the 45-50% range when you are seeking a bankruptcy home loan.
* Lastly, you should know that the interest rate on your loan will be higher than a typical mortgage.