Some people may not consider buying a home after a bankruptcy. However, owning a property can help improve your credit in the long run and reverse a bankruptcy's effects. While lenders may not approve your application for a home loan immediately after a filing, they'll likely consider your application once you've proved that you're able to manage finances and debt.

1. • 1

     Get and keep a job. Stay with your current employer or find a better-paying job to help you qualify for a mortgage loan. Lenders prefer applicants with steady income. Keep copies of your tax returns for at least two years.

   • 2

     Rebuild your credit history. Continue paying auto loans and student loans, if applicable, to improve your low credit score after a bankruptcy. Also, apply for a bad-credit credit card or secured credit card to start rebuilding your credit history. Talk to your bank or credit union about these accounts.

   • 3

     Pay off new debts. Keep credit card balances low by paying off the cards at the end of each month.

   • 4

     Send your payments on time. Avoid late payments and do not skip payments. A bad payment history can further damage your credit score and disqualify you for a home loan after bankruptcy.

   • 5

     Put aside money for your down payment. Conventional loans require a 20 percent down payment, whereas other loans require less. Start saving for this expense, or use money from your retirement account.

   • 6

     Talk to your lender about an FHA mortgage loan. You can qualify for an FHA mortgage loan two years after a bankruptcy if you've maintained a good credit score since the filing. This type of loan requires a down payment of less than five percent of the sale price.