If you have a bad credit or have faced with bankruptcy recently, you may have to delay taking of mortgage loan until your credit situation improves. But several institutions specialize in bad credit mortgages, and offer loans to people after bankruptcy.

Formally there is no any waiting period after bankruptcy when you will be able to take a mortgage loan. If you need to purchase a house very urgently you may get a loan immediately following your discharge.

But, of course, this is not the best way in such situation. In this case mortgage interest rate following a bankruptcy will be exceedingly high and your monthly payments will increase greatly. From the other hand, credit experts can ask you to wait at least two years before applying for a new mortgage loan. In this way you have the opportunity to take a suitable low interest rate on your home loan.

To restore your credit score you should open new credit accounts and rebuild credit. Because of a bad credit score after a bankruptcy, some lenders, or credit card companies will distrust in approving your loan request. Secured credit card would be best solution to this problem. If applying for a secured card, you are required to make a down payment. If you offer a $1000 down payment, then your credit limit will be $1000.

After registration of a new credit card, maintain current payments. Keep balances low, and try to payoff the balance each month.

A good payment history will increase your credit score soon. Then you will be able to qualify for unsecured credit cards. After your credit improves, try to get a low rate mortgage loan.