Pembroke Pines, FL -- (ReleaseWire) -- 07/07/2008 -- In the past, traditional mortgage lenders have automatically rejected people who had declared personal bankruptcy. Many potential home buyers felt they must wait at least seven to ten years after a bankruptcy to be eligible to become homeowners.

This is a common misconception. While some people declaring bankruptcy have had trouble managing their money, a large number of those declaring have simply experienced unfortunate events. Americans are filing bankruptcy at record levels in the last five years. Though a bankruptcy is certainly a blemish on a credit report, it does not necessarily disqualify a borrower. Recognizing that sometimes bad things happen to good people, some select loan officers are becoming more willing to take a calculated risk. Some lenders use a scoringsystem to determine whether potential buyers are a worthwhile risk.

Unfortunately, bankruptcy gives an automatic low score. However, select lenders are beginning to look beyond the scores and look at the individuals in need. Instead of waiting two or four years after being discharged from bankruptcy, some mortgage professionals are willing to give a home loan much sooner. Those who have declared Chapter 7 bankruptcy liquidation may be eligible for a loan one day after discharge, and those who have declared Chapter 13 may be eligible for a loan even while still reorganizing. Another common misconception is that a previous bankruptcy on your credit report will require you to have a large down payment and pay extremely high rates.

There are currently programs available with little or no money down with very attractive interest rates. Some lenders are even prequalifying buyers for a loan, saving time and making the home buying experience easier and more efficient.

When a buyer prequalifies, they will have the advantage of greater negotiating power. No matter what the situation, select mortgage professionals have a program that will work for the buyer with a bankruptcy history. If a buyer cannot get approved, there are customized plans that can reestablish credit to help the buyer become mortgage-ready, ensuring homeownership in the future. Because of new options, bankruptcy no longer needs to stand in the way of getting a home loan. With the help of more creative lenders, those who have experienced financial difficulty will have an easier time getting a mortgage.

Pembroke Pines, Florida - based mortgage expert Marlon Baugh specializes in providing mortgage information to Florida residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Marlon Baugh is available for interviews and will welcome all your mortgage related questions.

Call 954-678-5796 Ext.1 for a Free No-Obligation Consultation or visit http://specializedfinancialsolutions.com/own-a-home.htm