When you're ready to buy a new home, you'll need to get a mortgage loan from a mortgage lender. But if you recently declared bankruptcy, you may think you have no chances of being approved for a loan. However, there are ways to get a mortgage loan after bankruptcy.

Pay a little more.

Because bankruptcy makes you a "high risk" borrower, lenders will most likely charge you higher interest rates and more fees. They need a way to cover their costs if you should default on the loan, so they pass the risk onto you by increasing the amount you pay for the loan. Expect to pay at least a few extra percent on your interest rate--sometimes as much as 5% more! Your fees will be higher, too, and chances are there will be more of them as well.

Wait a little bit.

Do you need to own your home this year? If you can wait just two years, you may be able to find a lender who will approve you for a mortgage loan with more reasonable interest rates and fees. Just make sure you use that two year timeframe to rebuild and improve your credit history. Get a few loans (with collateral) and a secured credit card, then use them wisely and pay them off (regularly, without any missed payments). Improving your credit and letting time pass can make a lender look at you more favorably after bankruptcy.

Save a little more.

Since a lot of the risk of a mortgage loan is the large amount of money you need to borrow, saving a larger down payment makes you a little less of a risk from a lender's perspective. A large down payment may be all you need to get approved for a mortgage loan. So trim back on your expenses, save your pocket change and build up your savings until you have at least 20% for a down payment.

Recently declaring bankruptcy doesn't mean you have to forget about the dream of home ownership. However, to get approved for your mortgage loan, you may have to accept higher rates, wait a little longer or save a bigger down payment.

View our recommended lenders for after bankruptcy mortgage loans online.

Also, view our recommended after bankruptcy automobile loan companies online, or view our recommended sources for bad credit credit cards.