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Buying A Home After Bankruptcy - Get A Mortgage Loan After
Bankruptcy
If you have a recent bankruptcy on your credit and are looking
to get financing for a home, there is hope. Buying a home with
bad credit will just put more emphasis on the other two factors
needed to get a mortgage loan, which are; income verification and
a down payment.
After bankruptcy most lenders want you to wait at least 2
years from the time of the bankruptcy discharge before they will
consider you for a mortgage loan. After the two year waiting
period is over, you should be able to get financing easily. You
should also be able to get 100% financing as well. You can
usually achieve this as long as at least most of your payments
have been reported to the credit 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 enough to help
you get approved.
There are ways to get a down payment for your mortgage besides
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 considered defrauding a
lender.
2. There are down payment assistance programs like
Neighborhood Gold or the Nehemiah program. These programs
basically aid the seller in helping you with a down payment.
Receiving a down payment from the seller of the property is
illegal, but through these programs, it is legal. There are also
other down payment assistance 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
favorite search engine.
3. You could cash out a 401K or another investment 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 obtain these days. If you would like to see a list of our
preferred bad credit mortgage lenders, visit this page:
After
Bankruptcy Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide. ABC Loan Guide
is an informational loan website with informative articles and
helpful lists of recommended lenders for bad credit mortgage
loans.
 MORE RESOURCES updated Thu. February / 09 / 2012
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