Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

Before After - Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

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If you have a up-to-date bankruptcy on your prestige and are looking to get financing for a home, there is hope. Buying a home with bad prestige will just put more emphasis on the other two factors needed to get a mortgage loan, which are; earnings verification and a down payment.

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Before After

After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will reconsider you for a mortgage loan. After the two year waiting duration is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually accomplish this as long as at least most of your payments have been reported to the prestige bureau as having been paid on time since the discharge of your bankruptcy.

If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be sufficient to help you get approved.

There are ways to get a down payment for your mortgage also having the money saved in the bank. Here are some ideas of ways to do that:

1. Borrow or ask for a gift from relatives. After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives. Keep in mind that if you intend the money to be as a loan only from the relatives, you would need to disclose that to the lender before you close. Lenders usually have regulations about where the down payment is coming from and if you are not honest, it could be determined defrauding a lender.

2. There are down payment aid programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the distributor in helping you with a down payment. Receiving a down payment from the distributor of the asset is illegal, but through these programs, it is legal. There are also other down payment aid programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on "down payment assistance" with your beloved search engine.

3. You could cash out a 401K or an additional one speculation and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed.

Mortgage loans after bankruptcy are getting to be much easier to regain these days. If you would like to see a list of our preferred bad prestige mortgage lenders, visit this page: After
Bankruptcy Mortgage Lenders.

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