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So you have been through a bankruptcy
and surely have been told to wait at least two years
before applying for a home loan. Waiting two long years
without any guarantee of being approved for a mortgage
after bankruptcy can be disheartening. Fortunately,
this advice no longer holds true.
Today, there is a growing realization of the need to
offer home loan products that are specifically designed
for borrowers with an imperfect credit or financial
history. Mortgage programs have been created especially
for borrowers who have gone through a bankruptcy. In
fact, those with a bankruptcy discharged for even one
day may apply for a home loan. That's right, if your
bankruptcy was discharged yesterday, you can qualify
for a mortgage today!
Now you are probably thinking that although you are
eligible, it will be difficult to qualify. The truth
is that qualifying is much easier than you think. The
fact that you have been through bankruptcy is not even
considered in the evaluation of your credit. Any liens,
collections or judgments that appear on your credit
report will also not be used in the evaluation of credit
and will not need to be paid off.
What is important and what will be looked at is your
credit score. Now here is the good news: with a minimum
FICO score of 500, you are qualified to purchase a home
with a 20% down payment. Having a credit score between
550 and 579 will allow you to borrow up to 95% of the
purchase price; and with any score above 580, you are
qualified for 100% financing.
With the competitive rates that are available on mortgage
after bankruptcy programs, you are able to realize the
dream of homeownership with a mortgage payment that
is affordable and fits easily within your budget. Along
with the traditional benefits of owning a home, such
as equity building and tax benefits, you will most importantly
be rebuilding your credit profile. Additionally, you
may also benefit from the current strong housing market
and its appreciating home values.
So now you know the following: that you can qualify
for a home loan today, what the credit requirements
for a mortgage are, and that you can rebuild your credit
and financial life through homeownership. Gone forever
are the days of waiting two years and living with the
dim prospect of obtaining a mortgage after bankruptcy.
You have worked hard to discharge your bankruptcy and
have the fresh start that you were looking for.
There is empowerment that comes with the knowledge that
you can purchase a home today even if your bankruptcy
was discharged yesterday. So get qualified for a home
loan, start searching for a home and begin packing those
boxes!
About the author:
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