home loan after bankruptcy image
Christy
Also, can you give me some legitimate websites for the places that will accept me soon?
Answer
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
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
How long after a bankruptcy would a person have to wait before applying for a home loan?
redonk888
I have heard that sometimes banks will disregard the bankruptcy as soon as 1 year after the filing. Please elaborate.
Answer
Some lenders will do a loan for someone out of bankruptcy one day. Keep in mind that rates and fees will be higher. Standard FNMA lending likes a minimum of four years out with a minimum of four re-established trade-lines.
Some lenders will do a loan for someone out of bankruptcy one day. Keep in mind that rates and fees will be higher. Standard FNMA lending likes a minimum of four years out with a minimum of four re-established trade-lines.
How long do you have to wait to get a home loan after a Chapter 13 Bankruptcy has been discharged?
Sanbran
Answer
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 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...
How soon after a bankruptcy, with today's market can I expect to be able to qualify for a home loan?
Joe
I declared BK and it was recently discharged (2 months ago). How soon can I get a loan for a new home?
Answer
If you are in the UK you could try this site. Lots of info about home loans.
http://www.ukhomeloan.org
If you are in the UK you could try this site. Lots of info about home loans.
http://www.ukhomeloan.org
Interest rate on a home loan after bankruptcy?
Madgreek
My bankruptcy will clear on appx Mar - May of next year 08 and i am wanting to buy a home ASAP with as much as 20-30 percent down on a $100,000 - $150,000 loan. I only have utility bills and mobile phone, tv, etc. No car payments making 40K-50K What would be my appx wait time to get a loan and interest rate for it.
Answer
The new name of the game will be income and assets. Any chance you have of getting a loan will depend on your having savings and enough income to cover the housing expense and all consumer debt with less than a third of your income. Based on your income - $40k - your monthly income would be $3.3k/mo. Since you indicate no other debt, I'm thinking you would qualify for a $1k/mo payment, which would mean $800 approx. for the principal and interest. Assuming a higher interest rate because of the bankruptcy, you're probably looking at a mortgage that would cover the low end of your range.
When I started this answer, I didn't think you would qualify. But working through the numbers, it does not look far fetched.
Good luck.
The new name of the game will be income and assets. Any chance you have of getting a loan will depend on your having savings and enough income to cover the housing expense and all consumer debt with less than a third of your income. Based on your income - $40k - your monthly income would be $3.3k/mo. Since you indicate no other debt, I'm thinking you would qualify for a $1k/mo payment, which would mean $800 approx. for the principal and interest. Assuming a higher interest rate because of the bankruptcy, you're probably looking at a mortgage that would cover the low end of your range.
When I started this answer, I didn't think you would qualify. But working through the numbers, it does not look far fetched.
Good luck.
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