Is it Possible to Get Mortgage After Bankruptcy?

Lots of individuals have improperly assumed that getting a mortgage after bankruptcy is impossible. This is not true. If you have been bankrupt, and you want to apply for a home loan, do not despair. You can still apply for a mortgage after bankruptcy. There may be many questions that will pop to your mind about your capability of getting a home loan. Below are some of the usual questions regarding mortgage modification after bankruptcy:

Question # 1: How long after the discharge of my bankruptcy will I need to wait before my mortgage loan will be approved?

Usually, the mortgage lender companies are open for considering the approval of a home loan right after 2 years of bankruptcy discharge. However, there are some mortgage lenders who are stricter that you need to wait for up to 3 years before they start to consider your mortgage financing. They may consider your mortgage financing after 2 years of discharge, but you may end up paying a down payment, or you will be settled for a higher interest rate.

Question # 2: Is it possible for me to avail their best rates of interest available?

It is impossible to avail the lowest rates of interest because you will need the higher down payment before you can get the best rates. The other factor to consider in determining the type of rate of interest you will qualify is by your performance in paying your bills after the bankruptcy discharged.

Question # 3: What are the factors that can aid to me to get my home loan approved?

Your credit performance is one of the main factors that can help you in getting your home loan. The other factors that can help you get an approved home loan include debt-to-income ratio, employment history, income and your down payment. So if you are having credit problems, it is very important to work on getting a good credit score and strengthen the factors that can affect your mortgage application process.

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