What is the "rule" for getting a mortgage after bankruptcy has been charged? Is is 1yr, 2yrs ?Are there any companies that will finance a home after BK has been discharged after 6 mos?
There are some that will do it one day out, it depends on the circumstances. Email me about your situation and what you are trying to do, I'll see if I can help.
You will have no problem getting a mortgage after Bk , how the longer you wait the better the rates and down payment requirements. If you wait for 2 yrs after BK and no late payment on any of your debts you can obtain a mortgage of Grade A paper(best rates and down payment), if you need a mortgaga company reference email me.
Quote:
On 2003-11-23 18:16, michiganmom wrote:
What is the "rule" for getting a mortgage after bankruptcy has been charged? Is is 1yr, 2yrs ?Are there any companies that will finance a home after BK has been discharged after 6 mos?
There is no rule.
If a company wants to loan to you all is good.
As was said before if you want to buy then apply NOW don't wait. Just let the mortgage broker know you don't want a credit report done. Problem is you probably will have to come up with a healthy down payment and pay a high interest rate.
i am already under chapter 13. i wanted to refinance so that i can pay the chapter 13 off. then.... i want to purcahse a home within the next 2 years. would this not be a good choice? the purpose for the refinancing is that i can use a little extra cash and not only that, i wanted to go ahead and start re-establishing my cr. if this is a feasible choice, -- do you know who will refinance chapter 13?[ Edited by sheastuff on Date 12/01/2003 ]
The rule is 4 years for Conventional. 3 years for FHA. However there are some subprime lenders that will finance you right out of BK. On a 13 it is 1 year of payment on time to the court for one year purchase or refinance FHA im not sure conventional
Hello, There is a program I know that will lend inspite of past credit or BR's and will also help you raise up your FICO scores. You can private message me if you need more info. Mike
I am in 13 too now. i was contacted by a company telling me they could lower my payments no matter the 13 or what. You can refinance with court approval while in 13 but make sure the lender you find is real. I have heard of scams too where they take appraisal money and application fees and disappear.
Good LUCK and Thank You
Hope this helps some
Ted Jr
There are some that will do it one day out, it depends on the circumstances. Email me about your situation and what you are trying to do, I'll see if I can help.
Are you purchasing or refinancing, was it a chap 7, or 13. Just like before bankruptcy, depends on credit score, income, and equity.
You will have no problem getting a mortgage after Bk , how the longer you wait the better the rates and down payment requirements. If you wait for 2 yrs after BK and no late payment on any of your debts you can obtain a mortgage of Grade A paper(best rates and down payment), if you need a mortgaga company reference email me.
Quote:
On 2003-11-23 18:16, michiganmom wrote:
What is the "rule" for getting a mortgage after bankruptcy has been charged? Is is 1yr, 2yrs ?Are there any companies that will finance a home after BK has been discharged after 6 mos?
There is no rule.
If a company wants to loan to you all is good.
As was said before if you want to buy then apply NOW don't wait. Just let the mortgage broker know you don't want a credit report done. Problem is you probably will have to come up with a healthy down payment and pay a high interest rate.
i am already under chapter 13. i wanted to refinance so that i can pay the chapter 13 off. then.... i want to purcahse a home within the next 2 years. would this not be a good choice? the purpose for the refinancing is that i can use a little extra cash and not only that, i wanted to go ahead and start re-establishing my cr. if this is a feasible choice, -- do you know who will refinance chapter 13?[ Edited by sheastuff on Date 12/01/2003 ]
The rule is 4 years for Conventional. 3 years for FHA. However there are some subprime lenders that will finance you right out of BK. On a 13 it is 1 year of payment on time to the court for one year purchase or refinance FHA im not sure conventional
Hello, There is a program I know that will lend inspite of past credit or BR's and will also help you raise up your FICO scores. You can private message me if you need more info. Mike
I am in 13 too now. i was contacted by a company telling me they could lower my payments no matter the 13 or what. You can refinance with court approval while in 13 but make sure the lender you find is real. I have heard of scams too where they take appraisal money and application fees and disappear.
Good LUCK and Thank You
Hope this helps some
Ted Jr
there are many programs, some will buy out a chapter 13. some will do mtg one day after bk is discharged chapter 7
every situation is different