I filed bankrupcy a year ago, is there any bank or mortage company that would approve me for a home loan?

Answer 1

Absolutely. Depending on your credit score, you could qualify for 100% financing. However, the interest rate will be higher than conventional loans which require that you are out of bankruptcy at least two years. Call me and I'll be happy to qualify you.

Rick Lanicek
[phone] Ext 202
www.primelendingonline.com

Answer 2

Yes - you can get financing 1 day out of a Bk. The rates may be higher - depends if you have re-established any credit...Just be careful having many many ppl pull your credit - ok Talk with a Broker (ok). Why talk with a broker? A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.


Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??

Lenders look at the middle score to qualify a person - With a 580 or higher you can get a 100 percent loan. If your credit is low, than you will be going SUB-Prime, and any amount over 80 percent does not have MI - There are alot of companies I underwrite for that does NOT charge MI - normally the rate is slightly higher. Say you got qualified and your rate was 8.50 at par (Par, means that is what rate the lender quotes you, with no addon's to the rate for the lender to make pts on the back - some Lo"s add pts on the rate to make their money - instead of charging it up front). The 8.50 does not have MI included. This is a estimate only - ok -

Answer 3

It all depends on your credit score. Most mortgage brokers (not banks) can get you approved for 100% financing with a 580 credit score, regardless of your bankruptcy status. If your score is lower, you can still qualify if you can come up with 10-20% for a down payment. Even then, the down payment can be from relatives with some programs.

Answer 4

There are many "Non-Agency" lenders that will approve you for a mortgage & depending on your credit score, you could qualify for up to 100% of the purchase price. The interest rate & closing costs will be higher & you will have a pre-payment penalty (usually 3 yrs.). Please feel free to contact me & I can answer all of your questions & approve you for a home loan.

Maria R
Capital Home Loans, Inc.
866-252-4590

Answer 5

There are plenty. But expect to pay a much higher rate higher closing costs. Also make sure you ask if you are going to get a pre-payment penalty, and what the terms of it is.


Also, once you hit the 2 year mark you can get a FHA (federal housing assoc). Which is a great option.

Answer 6

Yes! There are some sub-prime lenders (usually thru mortgage brokers in your locality) that will approve you for a mortagge with only 1 day out of BK. Just note that they will penalize you with a higher rate since you have imperfect credit.

Answer 7

Wow. How did you go from bankruptcy to buying a home in one year?