Buying A Home After A Bankruptcy

Have you filed for bankruptcy in the past?  Are you confused about how long you need to wait to reapply for a new home mortgage loan?

If you have had a bankrutpcy  you will need to wait 2 years from the discharge date on your paperwork.  You also need to make sure that you have not had any late payments since your bankruptcy.  If you’ve had late payments most of the A paper lenders will not loan you any money.  We maybe able to find a few other investors that will lend but your interest rate and the banks uderwriting fee is going to be high.  Therefore, don’t expect to be quoted the same rate as a borrower with a 740 fico score.

If you have any tax liens, you will need to pay these items off.

If you have any non medical collection items over $200, these items will need to be paid off  as well.

If you have any credit card accounts with the words, “Account In Dispute” you will need to have this wording removed in order to qualify for a home mortgage loan.  This applies to all loans such as conforming, nonconforming, and government loans.  Sorry but the banks will not make any exceptions.