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 amitforum
Joined: 23 Jul 2009
Posts: 30
4.71 Dollars($)
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 Posted: Thu Jul 23, 2009 8:37 am Post subject: What are the ways to apply for mortage loan After banckcrupc |
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Before 1 year I had gone through banckcrupcy, Now
I am completly out of bankcrupcy, i want to apply for mortage loan but when i go to loan officer he told me you have not sufficent credit as well as you have gone through banckcrupcy so you are not eligible for mortage loan.
So my question is really i am not eligible for mortage loan??
What are the ways to apply for mortage loan After banckcrupcy ??
Help?? |
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jk9999
Joined: 15 Jul 2009
Posts: 110
1.53 Dollars($)
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| Posted: Thu Jul 23, 2009 9:34 am Post subject: |
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| i have talked with an experienced mortgage broker a few days ago, he told me there are two things on credit report that would be such hard hits that borrowers will not or rarely consider it. One is BK history, the other is customer credit consuling. I am not sure how long it will take to assure the borrow though, may be 3-4 years, maybe even more? Hope this helps. |
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cliveselley
Joined: 23 Jul 2009
Posts: 45
0.00 Dollars($)
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| Posted: Thu Jul 23, 2009 10:34 am Post subject: |
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you wait for a period of two years after the discharge of bankruptcy.
This gives you enough time to rebuild your credit to some extent.
If you have filed bankruptcy under chapter 13 then your chances of qualifying are much more as the lender would be aware that you have been making payments towards the debts and hence you would be able to pay off the mortgage loans also .
If you consider giving a down payment more than the usual then also the lender can consider giving the loan amount to you. The usual down payment varies from 3-5%. However if you consider giving around 10% then your chances of approval would increase .
also check your credit report . There are times when the debts that you have paid would not have been reported or there might be some old open accounts . Check these and get the errors corrected. This can help you in improving your status of credit |
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livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 637
29.96 Dollars($)
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| Posted: Thu Jul 23, 2009 2:07 pm Post subject: |
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The bk is not stopping you, it is no credit... you will need to reestablish your credit to qualify for a mortgage... with FHA it does not have to be on your credit report... you can simply show proof that you have paid on time for at least 12 months... accounts that work are things like phone and utility bills, memberships, etc. Hope this helps and let me know if you have any more questions.
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Eric Matthews
Mortgage Refinance and Home Loan Guide |
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