Home Mortgage Loans After Bankruptcy – Financing A Home After Bankruptcy
Financing a home after a bankruptcy doesnt have to be an ordeal. When you find the right lender, you can secure reasonable rates on your mortgage loan. You can improve your loan application with time and some cash leverage. Depending on your financial situation, it is possible to get conventional rates with a bankruptcy on your credit file.
Lenders Who Deal With Past Bankruptcies
With a recent bankruptcy, you can turn to sub prime lenders to obtain financing for your home. As soon as your bankruptcy has been finalized by the court, you can apply for a home loan. Your rates, however, will be about 12% higher than conventional rates unless you have significant cash assets.
After two years, conventional lenders will consider your loan application. Even though your bankruptcy will remain on your file for several years, lenders will be more interested in your current payment history and debt-to-income ratio.
Tips To Improve Your Loan Application
While you cant erase your bankruptcy, you can improve your loan application to qualify for better rates. Down payments...
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