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What Are The Current Mortgage Rates For Someone Who Has Filed Bankruptcy?

By Stacy Williams

How Do I Get A Mortgage After Bankruptcy?

There are still ways to get low mortgage rates after a bankruptcy. Current mortgage rates for someone who has filed bankruptcy are about a half percent higher than regular mortgage rates. Usually a person who files for bankruptcy needs to wait twenty-four months after filing before the person can get an FHA loan.

How Do I Rebuild My Credit To Qualify For Current Mortgage Rates After Filing For Bankruptcy?

The best way to rebuild your credit after you file for bankruptcy is to get an installment loan. This is typically not difficult to do. Making timely payments on the installment loan will boost your score. There is also a need to get a revolving credit account. This is usually difficult for someone who has recently filed for bankruptcy. A person may want to check into getting a secured credit card. A secured credit card has a credit limit equal to the deposit a card holder made on the card. The best way to improve your score with a revolving credit account is to charge less than half of the limit every month and to pay the balance in full each month.

When Do I Qualify For The Current Mortgage Rates For A Person Who Filed Bankruptcy?

Generally you will qualify for the current mortgage rates for a person who filed bankruptcy after twenty-four months; however, you will need to have established credit in order to qualify. If you do not reestablish credit you may still qualify; however you may not qualify for the current mortgage rates being offered for borrows in your situation. So, if you want to qualify for a home loan at the current rates it is best that you rebuild your credit score before applying.

Related posts:

1. How Does Bankruptcy Affect My Mortgage Interest Rates?
2. How Does Bankruptcy Affect Mortgage Interest Rates On Home Loans?
3. How Do I Qualify For A Better Mortgage Interest Rate?
4. What Is The Difference Between A Home Equity Loan And A Line Of Credit?
5. How Can I Get A Mortgage Loan After Bankruptcy?