You might be able to qualify for a mortgage loan after a foreclosure or bankruptcy. First, you will need to improve your credit qualifications by not taking on debt you cannot repay and making outstanding payments on time. Time is the issue here. If you file for bankruptcy you will need to wait seven years to file another bankruptcy, but the bankruptcy will remain on your credit report for ten years. Experts advise that you should wait at least four years after a bankruptcy before applying for a mortgage.
A foreclosure can also remain on your credit report for up to ten years, depending on the lender. FHA guidelines say that a person can qualify for an FHA loan two years after a foreclosure. However, be warned that with either of these negative marks on your credit report you will probably be charged a higher interest rate on that mortgage.