Q. I own a house free and clear but want to relocate due to my wife graduating with her BSN to a larger market. I am a critical care RN and there are jobs in any large market for me. Are there lenders out there that will provide a home loan using my old house title as additional collateral if we decide to rent it out and not sell because I think with down markets and the bankruptcy I will not be able to get a new loan. Any thoughts.
A. Most lenders would want you to wait a minimum of 2-3 years before considering approving you for a mortgage loan after a bankruptcy.
If the bankruptcy was not real estate related you might consider applying for a mortgage loan with a mortgage broker or banker. They might be of service to you, though the interest rate would be higher.
Of course your credit scores, proof of income would determine if you would be approved for a mortgage loan and the interest rate you would be able to get. As long as you are in the same career field and secure a position in your new city then you would be ok.
Since your wife has just finished school and would not have a two year work history, her salary would not play a very important role in you being approved for a mortgage loan.Your rental income would be accredited for income up to 75% as income on your mortgage loan application.
About the question you asked there are some lenders that will accept the free & clear house as extra collateral for the purchase of a new home where you might purchase. This is called a mortgage wrap simple a wrap. There might be a problem if the lender you apply to for your mortgage loan that is not authorized to do loans in the state in which your free and clear property is located.
When applying for a mortgage loan see if you qualify and would be approved without telling your lender you would be willing to place this free and clear property up as collateral, even though you would have to list it on the mortgage loan application.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
If the bankruptcy was not real estate related you might consider applying for a mortgage loan with a mortgage broker or banker. They might be of service to you, though the interest rate would be higher.
Of course your credit scores, proof of income would determine if you would be approved for a mortgage loan and the interest rate you would be able to get. As long as you are in the same career field and secure a position in your new city then you would be ok.
Since your wife has just finished school and would not have a two year work history, her salary would not play a very important role in you being approved for a mortgage loan.Your rental income would be accredited for income up to 75% as income on your mortgage loan application.
About the question you asked there are some lenders that will accept the free & clear house as extra collateral for the purchase of a new home where you might purchase. This is called a mortgage wrap simple a wrap. There might be a problem if the lender you apply to for your mortgage loan that is not authorized to do loans in the state in which your free and clear property is located.
When applying for a mortgage loan see if you qualify and would be approved without telling your lender you would be willing to place this free and clear property up as collateral, even though you would have to list it on the mortgage loan application.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Even with the mortgage meltdown, can i still get a 100% home loan after 1 year post bankruptcy?
Q. ok. i dont need no gay answeres or smart *ss answeres here. i know when my bankruptcy is 2 years old my credit score will be close if not in the 700's and i will be able to get a fha loan with 3% down and very reasonable interest rate. i am looking for finance now with a median credit score of 624....can anyone point me in the right direction?
A. There was actually a bill signed and passed today by the President that is to assist buyers more in our lovely economy. Definitely talk to your local bank or google search "house rescue bill" and there is more information.
I am not 100% sure on what it is fully about yet but there may be some information to assist you with what you need.
In regards to what someone else answered to your question, it is possible to have over a 700 credit score with a bankruptcy from close to over 2 years ago. My husband's score is actually better then mine by about 10 points and he has a bankruptcy from 3 years ago and I have always had good credit. The reason being is because I hold all the debt solely in my name and about 2 years ago, I placed him as a card holder on my credit cards, which raised his score. Since my debt to income ratio is higher then his - technically he does not have any debt reporting - his score is higher and over 700.
Also google search "mortgage with bankruptcy and credit score 624"
I am not 100% sure on what it is fully about yet but there may be some information to assist you with what you need.
In regards to what someone else answered to your question, it is possible to have over a 700 credit score with a bankruptcy from close to over 2 years ago. My husband's score is actually better then mine by about 10 points and he has a bankruptcy from 3 years ago and I have always had good credit. The reason being is because I hold all the debt solely in my name and about 2 years ago, I placed him as a card holder on my credit cards, which raised his score. Since my debt to income ratio is higher then his - technically he does not have any debt reporting - his score is higher and over 700.
Also google search "mortgage with bankruptcy and credit score 624"
Could I get a home loan after a chapter 7 bankruptcy ?
Q. How long would it take to qualify for a home loan? Is it possible to get a loan directly after the bankruptcy? I am worried I may not be able to save the home I have now. Am I just going to have to rent for awhile?
A. Right now given the turmoil in the mortgage industry, it is prretty hard to predict. It wouldn't hurt you to talk to several lenders now and get their take on it.
In the past, it generally took 2-3 years following bankruptcy with ABSOLUTELY NO further blemishes on your credit record, and some positive history since the bankruptcy, before lenders would start considering you for a regular 30 year fixed mortgage.
If you need to refinance right after filing Ch 7 that could be a problem. My understanding is that even borrowers with very good credit histories are having trouble refinancing right now, in part due to the current status of the mortgage market.
Unfortunately, tales are abundant of people who took out 5 year ARMs who had lenders "assure" them that "we'll get you into something else" when the ARM came due ... who are now in foreclosure.
In the past, it generally took 2-3 years following bankruptcy with ABSOLUTELY NO further blemishes on your credit record, and some positive history since the bankruptcy, before lenders would start considering you for a regular 30 year fixed mortgage.
If you need to refinance right after filing Ch 7 that could be a problem. My understanding is that even borrowers with very good credit histories are having trouble refinancing right now, in part due to the current status of the mortgage market.
Unfortunately, tales are abundant of people who took out 5 year ARMs who had lenders "assure" them that "we'll get you into something else" when the ARM came due ... who are now in foreclosure.
How long after a bankruptcy will I have to wait before I can get a home loan?
Q. Also, can you give me some legitimate websites for the places that will accept me soon?
A. Hello -
It depends on if this was a Chapter 13 or 7. Has it been discharged?
If so, you can qualify one-day out of bankruptcy. The important thing depending on the state your located is what they call a prepayment penalty. Try to get a loan without or a minimum of one-year.
The reason is that after 10-12 months of making your payments, your credit scores will have dramatically improved and you can refinance into a much better payment.
Banks and Lenders pay a large rebate for the longer they can lock you into a Prepayment penalty, so be forewarned.
There's a free website that provides information and reports on home purchases and refinances http://freerealestatesecretssoutherncalifornia.com
Lenders that have such programs would be Encore Credit, Delta Funding and many others.
Good Luck,
Darren Meade
It depends on if this was a Chapter 13 or 7. Has it been discharged?
If so, you can qualify one-day out of bankruptcy. The important thing depending on the state your located is what they call a prepayment penalty. Try to get a loan without or a minimum of one-year.
The reason is that after 10-12 months of making your payments, your credit scores will have dramatically improved and you can refinance into a much better payment.
Banks and Lenders pay a large rebate for the longer they can lock you into a Prepayment penalty, so be forewarned.
There's a free website that provides information and reports on home purchases and refinances http://freerealestatesecretssoutherncalifornia.com
Lenders that have such programs would be Encore Credit, Delta Funding and many others.
Good Luck,
Darren Meade
How long do you have to wait to get a home loan after a Chapter 13 Bankruptcy has been discharged?
Q.
A. A Ch 13 bankruptcy stays on your credit report for 7 years.
A few years ago, you probably would've found someone to give you a home loan despite being in those 7 yrs.
Now, probably not. You'd have to wait until it falls off your report and start over again.
Learn more about your credit rights here...
A few years ago, you probably would've found someone to give you a home loan despite being in those 7 yrs.
Now, probably not. You'd have to wait until it falls off your report and start over again.
Learn more about your credit rights here...
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