Prior Bankruptcy

Have you had a prior bankruptcy, short sale, or foreclosures?  Want to purchase or even refinance your home mortgage loan after a prior bankruptcy but can’t because your waiting period after your event has not elapsed yet?  Well, look no further we can help if you have 20% equity in your home.  The catch is you need 20% equity in your home to qualify and a middle fico score of 620 or higher.

This is a non-qm home loan product.  We require an appraisal on this product.  If your loan to value ratio is higher than 80% you will need to buy down the mortgage loan amount or the underwriter will just decline the loan.

What do interest rates look like?

Interest rates are higher than a regular conforming conventional loan but lower than a hard money rate.  Typically, they are in the 6 range depending upon your exact fico score and loan amount.  You need to call in for exact pricing since interest rates change daily.

What loan documentation is required?

This is a full refinance or a full purchase.  Therefore, you will need the regular items.  We require your W-2’s for the last two years, or last two years tax returns if self-employed.  We need 30 days worth of paystubs.  We need your last two months bank statements.  We need the name and phone number to verify your current employment.  If your company uses the work number, we need the access to verify this information online.

How long does it take to close this loan product?

Currently, it is taking 40 days to close this loan.  Therefore, if this is a purchase it is your RESPONSIBILITY to make sure your real estate agent writes up your purchase contract with a 40 day close.  Not a 30 days close.  We can’t possibly close within 30 days at the moment.  However, turn times change daily so check with us for current turn times.

Article 1:  Prior Bankruptcy