Can I Get a Mortgage After Bankruptcy? [mortgage-scam.blogspot.com]
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It is possible to get a mortgage after bankruptcy, and there are lenders who specialise in providing mortgages for people who have either gone bankrupt or have bad credit. However most lenders will want you to wait for around two years following your bankruptcy discharge before you apply to them for a mortgage. It may be possible to get a mortgage sooner, depending on your circumstances, but generally it is not worth starting the application process for a least 18 months.
Any kind of credit that is offered to someone in a high-risk category is going to be on less favourable terms than regular finance that can be found on the high street. The same goes for mortgages following bankruptcy. The lending criteria are more in depth and you can expect to be asked to prove regular employment, regular income and access to liquid assets. You will find that a larger down payment will be required, and the interest rates will be higher than average.
These kind of terms, while not great for the borrower, give the lender security on their outlay and minimise their exposure to risk. Asking for a large down payment means that you have made a substantial commitment to the property you are buying, and indicates to the lender that you are less likely to default on any payments, not only because you risk losing your property, but also because you risk losing a significant amount of money. It may well be the case that you don't have the type of down payment t hat is being asked for, and while this may be disappointing it also has a plus side. It means you will have to wait longer while you save more money, which in turn means you are getting further away from your bankruptcy discharge date. It could well be the case that by the time you have saved enough to meet the deposit required by a bad credit lending specialist, you are actually able to apply for a regular mortgage. This would mean saving money on interest payments, and either having a much larger down payment than is normally asked for, meaning you are borrowing less therefore your repayments are smaller, or having some money left over to use for re-decorating or furnishing your new home.It is during the waiting period between your bankruptcy discharge date and the time you can apply for a mortgage that you can do some good work on repairing your credit rating. Making sure you are prompt with any payments you need to make and perhaps applying for a low-limit credit card that you can use to build up a good payment history, will help bring your credit rating up, making you a much more attractive prospect to potential future creditors.
Suggest Can I Get a Mortgage After Bankruptcy? TopicsQuestion by : I'd like buy a handyman house under k. Credit is 562, 6months on the job, and ,000.Can I get a mortgage? I'm looking for a house thats a handyman special in a safe area in the WESTERN SUBURBS of Chicago, IL that's 60k-70k. I'd love to get a house that's not a handyman special but based on what I'm willing to pay I do I have family and friends that are skilled in carpentry, electrical work that would help me out. My concern is my credit, time on the job and will $ 10,000 be enough. I'm a first time buyer. I've heard that you can put 3% down under FHA or Fannie Mae. Is that true? Are they any good programs out there that would help me to get a house based on the low score,short time on the job, etc?I'd like to hear from any experienced real estate professionals and experienced mortgage professionals who can assist me with advice? I appreciate everyone's experienced advice.Thank-you. Best answer for I'd like buy a handyman house under k. Credit is 562, 6months on the job, and ,000.Can I get a mortgage?:
Answer by Aleks
there is a site tooo like low budget houses but very very nice like instead of paying so much they cut you some slack I'll put a link
Answer by kemperk
i doubt a bank will touch you now try a lease option! I can guide further
Answer by real estate guy
562 credit will kill you. you MUST!!! have 630 at least Talk with a lender, pull your credit, see what the issues are, and fix them.
Answer by bigwhiteguy
yep your credit rating will kill the deal.. but if you can find Owner financing, you can work out a deal with the owner to float the loan for you, if he is eager enouph to sell. They would make a contract for so much a month..lease/option to buy or something...but if you miss a payment..they Keep the house and all the money You put into it. good luck
Answer by Daniel
Your credit score is what's going to hurt you. Most lenders require at least in the mid 600s or higher. And traditional FHA usually require about 20% down. And at least 3-5 years steady employment. Even if you found a lender with a score below 600 interest rate would be super high. You may want to look for a rent to own option I believe that would work out best for you in your situation right now. Hope this helped and good luck. Can you please answer mine.
Answer by Landlord
FHA will not approve of this house. You will need a conventional loan, at least 20% down, far higher credit, and 2 years income.
