If you have recently or previously filed bankruptcy. You know how difficult it can be to get a home loan afterward. You may be wondering how long it takes until getting approved for a home loan becomes easier. Also, more importantly, when should you buy a home?

Most subprime mortgage lenders want borrowers to wait anywhere from 2-3 years after a bankruptcy before they will approve you for a new home loan. If your FICO credit score is above a 585 or a 600, you may be able to get approved for a new mortgage loan before that 2-3 year period. However, is it smart to go and purchase a new home so recent after such serious financial troubles?

Build Your Confidence in Your Ability To Repay - Its important to take some time before buying a new home after bankruptcy and re-establish new spending patterns. Once you have filed bankruptcy, you are starting over financially. Take that opportunity to change the habits that got you into a bankruptcy in the first place. Practice spending much less than you make, instead of maxing out your income on debt. Make all of your payments on time and build your new financial habits so that you can make your decision about buying a home with your new habits in mind.

Be Conservative in Your Purchase - Avoid the temptation to max yourself out in debt again, now that your debt is gone. When buying a home, choose one in a price range that allows you a cushion of income left over to save monthly. Buying a home that is too expensive can get you into a foreclosure situation which is financially worse than a bankruptcy.

Don't Buy Just Because You Are Approved - Just because you can get financing, don't automatically take the loan. If there is a pre-payment penalty or an excessively high interest rate, consider waiting another 6 months to a year to reapply for the loan. Its better to wait then to lock yourself into a bad mortgage loan.