(480) 656-5751 michael.faulkner@apmortgage.com
Lending in CA and AZ only
Lending in CA and AZ only

There is life after bankruptcy. In fact, it can be as normal as your life before it.

Don’t let bankruptcy deter your goals of owning a home of your own. Yes, it will be challenging to bounce back from this major financial event. Like most things though, time heals. And with a little hard work and perseverance, you may be able to buy a home, even after declaring for Chapter 7 or 13 bankruptcy.

Your first steps should include thinking and acting as if the bankruptcy did not occur. Do not stop saving for a down payment just because your timeline to buy a home has changed. Your commitment to this large financial decision will prepare you for the expenses of buying a home and provide some cushion for costs you may have not anticipated.

Now, do not allow your strategy of saving for a down payment hinder the work ahead, which is rebuilding your credit. Buying a home still requires a minimum credit score once a period of time has passed from your bankruptcy declaration. The threshold of the score will depend on the type of loan you seek. So, make sure you’re making your payment on time so your credit history begins a new, positive chapter.

Also, now wouldn’t be the time to take on new debt. Focus on your current credit payments before loading up on new debt. Now that you are saving money and continuing to be aggressive in rebuilding your credit, step back and look at the bigger picture. Review your credit report, debt levels, assets and the like to gauge where you will stand in 6, 12, 18 and 24 months down the line. This long-term perspective will allow you to plan accordingly and see the light at the end of the tunnel.

As you work toward your goals, be sure to reach out to me with any questions. We have loan programs that are designed to help people who are overcoming financial hardships. Going through a bankruptcy and the pains of recover are difficult, but certainly not disqualifying if you’re interested in buying a home. Sure, it’ll take a little work and some time, but with a plan and financial backer at your side, you can enjoy the life you deserve in your very own home.

The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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