Currently, there have been quite a lot of foreclosures and bankruptcy filings going on as a result of the ongoing credit crunch in the real estate industry. But because having a decent home is the number one priority for every person, people have been desperately looking for ways on how they could get a home property. Those who need to give-up their home due to foreclosure will also need to deal with the fact that their credit rating could be affected as a result of such foreclosure. If you are among the unfortunate ones who are looking for some homes for sale in Simpsonville SC to buy, you might be wondering how in the world you will be able to get a loan to purchase a new home for you and your family to live. Read on as I share to you tips on how you can get approved for a home loan despite of a bad credit score.

If you recently filed for a bankruptcy and are now thinking about applying for a conforming loan to use in paying for a Simpsonville SC homes for sale, here are some things that you need to consider.

• If you’ve filed for a bankruptcy, take note that you cannot file for another in the next seven years, and thus, this will reflect in your credit history for ten years.

• You will only be approved of better rates for conforming loan only after four years.

• As per the guidelines set by FHA, you could qualify for as low as 3.5 percent down payment right after two years of foreclosure of your home property.

How to Improve Your Chances for a Mortgage Loan

Applying for a credit card right after your home foreclosure is a good option as it could help to improve your chances of getting a conforming loan that you can use to pay for the homes for sale in Simpsonville SC that you plan to buy. You might think that you will not be able to acquire a credit card right after filing for bankruptcy, but the truth is, there is actually a good chance that you will be approved. First of all, since you just recently filed for bankruptcy, the bank knows that you no longer have any outstanding debts. Secondly, the fact that you cannot file for a bankruptcy for the next seven years means that the bank will be confident enough to grant you a credit. So consider this if you are planning to improve on your credit score so you will have bigger chances of getting approved for a mortgage loan which you need to pay for the Simpsonville SC homes for sale.

Make sure however, that you pay your bills on time this time around and you should clear any outstanding debts before you submit your application for a credit card. More importantly, make it a habit to save at least ten percent of down payment each month, so when you are approved for the loan, you will have funds to use to pay for the down payment of the homes for sale in Simpsonville SC that you intend on buying.

For more information on Greenville please visit: Greenville SC Realtors

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