You need to wait for at least two years after the final discharge of any bankruptcy you may have filed.



A waiting period of three years from foreclosure finalization is required for any foreclosure filings.

For the previous one year (12 months) you should have no late payments on your credit report. Mortgage lenders will still consider your application if, for several years you maintained a great credit record but still had an occasional late payment. These payments should not have been late for more than thirty days.

If you are currently renting they may ask for a history of your rental payments. Be prepared to shown that you have consistently paid your rent on time for two years. A reference letter from your landlord will go a long way.

Your application may be disqualified if the guaranteed government loan for your student loan is considered in default. If this is the case the lender may reconsider if you have negotiated an acceptable repayment plan and stayed current with the new arrangements for one consecutive year.

Before you apply for the mortgage loan, pay any accounts on your credit report that you may have had in collections.

Any court-imposed judgments must be paid in full. Make sure if any of the cases involve child support that you are caught up and current.

If your income is based on commissions or you are self employed you will need to provide proof of a steady income for a minimum of two years. The lender will then be able to properly determine your average year's income. That allows them to determine your ability to repay the loan. Not being able to provide this proof may disqualify you.

They may chose not consider income from a second job when determining your eligibility for the mortgage loan. They will only consider the income if you have earned a consistent amount of money from both jobs for the past two years.

If you received child support you may or may not want that include in their determination. In order to claim it as income you must be able to provided proof that is being paid in a consistent and on time manner. They may choose to exclude child support payments if it has been recently awarded.

Any litigation you may be involved in must be settled before you apply for a mortgage loan. This includes any legal matters like an ongoing divorce or any law suits you maybe involved in.

Your ability to repay the mortgage loan will be carefully scrutinized by the lenders. They will also determine how much of loan payment you can afford to pay monthly. By taking the information you have provided and entering it into a formula they can pretty accurately predict if you are credit worthy. If their formula says you are a good credit applicant and you should be able to pay the monthly amount stimulated, you will more than like be approved.

Before applying for a mortgage loan clean up your credit report. A clean credit report is paramount in a lender's decision to give you a loan. Small ?stains? are your report may not completely eliminate you but you will pay a higher interest rate. You should now be able to estimate whether you will qualify for a mortgage loan.