A bankruptcy filing delivers a devastating blow to your credit and FICO score, but it doesn't mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage after two to four years. 

While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery  and what you've done since your filing. It won't happen over night, but here are some tips and things to keep in mind when you inquire about a mortgage with a tarnished credit past:

Give explanations. No mortgage lender is going to ignore the fact that youve filed bankruptcy and he or she will likely want to know the cause of the filing. Your lender will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single event such as a loss of employment or a death in the family, than if it was the result of just spending too much.

If the bankruptcy resulted from a single event, it is important to show your lender paperwork describing the incident, such as the layoff notice or death certificate. You may also want to bring in court documents to indicate when the bankruptcy was filed. 

Tip: Locate any court documents or death certificates relating to reasons for the BK. 

Demonstrate good money habits now. Many people who file bankruptcy swear off credit altogether, however, it is important to re-establish your credit rating. Get a secured credit card (a credit union is the best place to start.  They are there for the members.  If you do not belong to a credit union,  join one.)  Make you next purchase a rent -to- own transaction.  This way you demonstrate that you are able to make timely payments.

Make sure you are making other payments on time as well (utility bills, cell phone, etc.) . You won't turn things around in a year but your credit score will improve over time.  It is important to remember that a credit reporting companies need "good" credit to off set "bad" credit for your score to improve.

Tip: FHA requires a 24 month "good pay" history after a BK filing.  It helps if that history is in part from some credit accounts.  Even if it is only a secured credit card you use for gas and pay off monthly.  I already mentioned that a good place for setting up a secured credit account is a credit union.  Start by setting up a savings account.   If your car is paid off, see if you can take a small loan on the vehicle, deposit in the credit union savings account and use that for your secured credit card. .  Share your goal with the new account set up person at the credit union.  Then follow your plan

Dispute any credit report errors. Theres no need to add to your troubled credit history with errors on your credit report. Get a copy of your credit report from each of the three major credit reporting agencies: Click here for information on getting a free credit report. 

If you encounter any errors, inform the credit reporting agency in writing of what information you believe to be inaccurate and request deletion or correction. Tip:  Keep a file for just your credit items.  Save all printed email or regularmail communication between you and a creditor or you and the credit agency.  This is crucial since these same incorrect items can pop up year after year.

Save your money. Lenders may be more willing to loan you money if you've saved up a considerable amount of money.  Certainly, this will help with a downpayment of funds to cover closing costs.  Even, if you were to qualify for down payment assistance, the savings will increase your chances of loan approval due to your having reserves.

Tip: Pretend that you have purchsed a home and that your monthly payment really is higher.  Then deposit the difference ($200 - 500) regularily into savings.

Live within your means. Most lenders won't risk loaning you money for an opulent ocean front mansion. Think small when the time comes to look for a home. Smaller homes often mean smaller mortgages and more affordable payments