Steps To Buying A Dream Home After Bankruptcy

Ways To Slowly Establish Your Credit

Wait a minimum of 2 years before you buy. Make sure you file your tax returns every year. It is important to Keep all bank accounts in good standing without a history of bounced checks. Go to your bank and take out a personal loan making sure you have the ability to repay it. You can easily qualify for a secured loan if you do not qualify for a personal loan. The loan amount would be an amount agreed upon between you and your bank. You would be required to make a deposit equal to the loan amount using your own cash. Your bank will be required to place a hold on your deposit amount using it as collateral. The bank then gives you the loan using their funds. When the loan is paid back, the hold on your funds will be released. Keep repeating this process for 2 years to better establish your credit. Continue to pay the bills you currently have on time. Most creditors offer the option to have your payments automatically debited from your bank account every month. This is a good payment method. Your monthly payments are never late avoiding additional fees. Just ask your creditor to send you the form. You will be required to fill it out and mail it back. It will take about 2 month for the automatic debit to take effect.

Things You Must Know Before Closing On Your Dream Home

Keep bank statements going back at least 6 months.
Have copies of investment account statements and stock brokerage accounts.
Bring your tax returns and W2 forms for the past 2 years for you and your spouse.
If you are self employed, bring the tax returns with the profit and loss statements for the past 2 years.
If you have been given cash from anyone, bring a letter showing it was a gift.
Your lender may request more documents.
Sometimes the appraiser can run behind schedule.
Your employer may be slow at verification.

By: Thompson Enterprise

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