home loan after bankruptcy image
Chase's mo
In 2009 I lost my job and my husband and I ran out of our savings paying bills that my husbands income couldnt cover and we had to let our home go and we filed bankruptcy. We found a cheap house to rent and two years later we have been working on putting money away and slowly fix our credit. My question is will it be possible for us to buy a home when our lease is up? Also about what credit score do we need to get to before trying to get approved?
Answer
It can take at least 3 to 5 years. But it all depends.
Are you buying a small home that you could easily (very easily afford).
Do you have 20% down payment, along with closing costs, taxes, insurance, and money left over as emergency savings?
Have you had solid employment for two full years with tax returns to back it up?
Also, your credit reports need to have no collection items.
These need to be settled. Mortgage lender will expect all items taken care of.
Make these goals happen, then... get your home.
If you have credit cards (doubtful, but you could) make sure you pay them in full each month.
It can take at least 3 to 5 years. But it all depends.
Are you buying a small home that you could easily (very easily afford).
Do you have 20% down payment, along with closing costs, taxes, insurance, and money left over as emergency savings?
Have you had solid employment for two full years with tax returns to back it up?
Also, your credit reports need to have no collection items.
These need to be settled. Mortgage lender will expect all items taken care of.
Make these goals happen, then... get your home.
If you have credit cards (doubtful, but you could) make sure you pay them in full each month.
Is that possible I can get home loan after discharged bankruptcy?
y19nelsen7
We been dischaged in last year May. We moved to different state and rent is almost expensive as house payment. with our family they are give us 20% down payment on the house if we can get a loan approval by direct lenders. Even our bankruptcy my score is 660 to 700. Where can I contect direct lenders?
Answer
Good luck with that. Now that many banks have gone down the tubes, it's going to be extremely difficult to get a loan especially with a bankruptcy. It doesn't matter what your score is, that bankruptcy will really hold you back. The first thing that they will check is your credit report. However, if you go into a bank, tell them upfront about your bankruptcy then maybe they can work with you. You better have about 50% down payment though. Otherwise, they will probably laugh in your face or they will stick you with an interest rate that is extremely high...as in credit card interest high (could be as high as 21%!!! instead of the 4.75% that is available to most people). Just don't expect much to work with.
Could a family member get the loan? Then you could just reimburse them monthly...that's an option.
Good luck with that. Now that many banks have gone down the tubes, it's going to be extremely difficult to get a loan especially with a bankruptcy. It doesn't matter what your score is, that bankruptcy will really hold you back. The first thing that they will check is your credit report. However, if you go into a bank, tell them upfront about your bankruptcy then maybe they can work with you. You better have about 50% down payment though. Otherwise, they will probably laugh in your face or they will stick you with an interest rate that is extremely high...as in credit card interest high (could be as high as 21%!!! instead of the 4.75% that is available to most people). Just don't expect much to work with.
Could a family member get the loan? Then you could just reimburse them monthly...that's an option.
Can you get a home loan after bankruptcy?
janissa81
After you file for bankruptcy several years ago let's say 4 , can you get a home loan with a decent rate? Or how long should you wait before trying to get one? If you have a stable job since 6 years and making 60 000$ a year will you have more chance to be approved? Is there a bank that has better reputation when it come to home loans I mean some banks are more hard than other to get a loan ? Pls give me information that might help. Thanks
Answer
The bankruptcy stays on a person's credit for up to 10 years. But, if in that 4 years since the case closed the person has been responsible with their credit and has been taking steps to repair it and build it back up, that person could easily have scores high enough to get a mortgage at a decent rate. Probably not the best interest rate, but potentially the tier below that.
The bankruptcy stays on a person's credit for up to 10 years. But, if in that 4 years since the case closed the person has been responsible with their credit and has been taking steps to repair it and build it back up, that person could easily have scores high enough to get a mortgage at a decent rate. Probably not the best interest rate, but potentially the tier below that.
Home loan after bankruptcy using free and clear title for collateral?
a a
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.
Answer
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"
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"
Even with the mortgage meltdown, can i still get a 100% home loan after 1 year post bankruptcy?
ronald m
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?
Answer
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"
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"
Powered by Yahoo! Answers
No comments:
Post a Comment