Mortgage Loans After Bankruptcy by:Carrie Reeder
Many people believe that once they file for bankruptcy they will have a difficult time getting a mortgage loan
. However, there is still hope for being approved even with a recent bankruptcy. If you have bad credit and apply for a mortgage loan, more emphasis will be placed on your income your down payment.Most lenders prefer to wait until two years after your bankruptcy before considering a person for a mortgage loan. After these two years, it should be relatively easy to get financing. In addition, you will probably be able to get one hundred percent financing. This will happen as long as all your payments have been reported as on time to the credit bureau since your bankruptcy.
If you want to get a mortgage loan before the two year period is finished then you will need a pretty much flawless payment history since the time you filed for bankruptcy. In addition, you will need to provide a down payment. The down payments usually range between three and five percent to get approved.
If you do not have the money for a down payment then you can consider borrowing from relatives. Once you finance your home, you should be able to get a second and third mortgage that will allow you to repay them. However, it is best to check with your lender before doing this since most lenders have regulations on where the down payment comes from.
If you do not want to borrow the money then another option is to look for a down payment assistance program like Neighborhood Gold or the Nehemiah program. Such programs give the seller aid in helping you with the down payment. Normally receiving a down payment from the seller is illegal, but through these programs, it becomes legal.
Obtaining mortgage loans after bankruptcy is becoming much easier today. By searching around you will likely find a lender willing to help you with your mortgage loan.
About the author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. View her recommended http://www.abcloanguide.com/mortgageafterbankruptcy.shtml Lenders. Are You Making These PR Mistakes? by:Robert A. Kelly Home Inspection by:Steve Gillman Credit Card Debt Reduction - 3 Tips To Lowering Credit Card Debt by:Carrie Reeder Secured Loan Debt Consolidation by:Carrie Reeder How To Buy An Apartment Building by:Steve Gillman Refinance Mortgage Lenders - Finding The Best Refinance Lender by:Carrie Reeder If Your Resume is the Cake, Your Cover Letter is the Icing by:Heather Eagar Bad Credit Home Financing - Choosing A Subprime Mortgage Lender by:Carrie Reeder Finding A Company To Consolidate Debt by:Carrie Reeder Tips to Creating Your Own Cover Letter Template by:Heather Eagar Bad Credit Mortgage Refinancing by:Carrie Reeder Online Mortgage Quote - Tips On Getting A Mortgage Quote Online by:Carrie Reeder Solve Your Debt Problems by:Carrie Reeder