One of the very first tips you see when trying to get a mortgage is to get your credit in order. If you can’t pay your bills on time, lenders are going to believe that you won’t be able to make house payments. It’s pretty logical. However, lenders are taking the housing downturn into consideration when passing out loan. Lots of people were affected, and everyone makes mistakes. There are ways to get a mortgage even if you’ve have credit problems in the past. This post by Gerri Deitweiler at the Credit.com blog has some valuable advice:
Many people think when they go through a bankruptcy that, “Hey that’s it, I’m not going to be able to buy a house again,” and that’s not true. It’s a matter of waiting a certain amount of time. Currently, if it’s an FHA or a VA loan, the government is more flexible. The waiting period from the time the bankruptcy is discharged — not when you started it, but when it’s completed — is two years. For a conventional loan, it’s four years.