Have you filed for bankruptcy within the past few years? If so, then you're likely in the process of trying to get back on your feet financially and working to re-build your credit. After all, a bankruptcy can stay on your financial record for up to 10 years after your filing date. In the meantime, you may be wondering whether or not it's possible to buy a home with a bankruptcy on your record. And while each person's situation is unique and there's no universal answer to this, the fact remains that, in many cases, it is possible to obtain a mortgage following a bankruptcy.

Request Your Credit Score

Before you even consider applying for a home mortgage, you'll want to see where you're at in terms of your credit score. After all, your loan decision will rely heavily on your credit rating. You can obtain a free copy of your credit report annually from any of the three reporting bureaus (Equifax, Experian, and Transunion). Be sure to review your credit report for any errors and dispute them right away if you find any.

Save for a Down Payment

Your credit score isn't going to jump 100 points overnight, so you'll need to work on it for a year or more to see even a somewhat significant increase. During this time, you should be saving up as much money as possible for a down payment. After all, the more money you can place on your home at closing, the less money you'll need to borrow and thus the easier it will be for you to get approved for a loan.

Apply for an FHA or VA Loan

Once you've rebuilt your credit a bit and have enough saved for a down payment on a house, your best bets when it comes to mortgage options are FHA loans and VA loans. Understand that in order to qualify for a VA loan, you'll need to be a military vet or be married to one. However, just about anybody can qualify for an FHA loan, and the "waiting period" to apply for one after a bankruptcy is just 2-3 years, depending on the specific lender. From there, be prepared to discuss the circumstances surrounding your bankruptcy and be able to explain what steps you've taken to ensure you don't get into such a financial situation again.

Have a bankruptcy attorney, like Liviakis Law Firm, help you as you re-establish life after your bankruptcy filing and follow these steps. Then you'll be on your way to owning a home in no time.