Bankruptcy > Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

by: Carrie Reeder

If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment.

After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.

If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved.

There are ways to get a down payment for your mortgage besides having the money saved in the bank. Here are some ideas of ways to do that:

Borrow or ask for a gift from relatives. After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives. Keep in mind that if you intend the money to be as a loan only from the relatives, you would need to disclose that to the lender before you close. Lenders usually have regulations about where the down payment is coming from and if you are not honest, it could be considered defrauding a lender.
There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on ?down payment assistance? with your favorite search engine.
You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed.

Mortgage loans after bankruptcy are getting to be much easier to obtain these days. If you would like to see a list of our preferred bad credit mortgage lenders, visit this page: www.abcloanguide.com/lessthanperfectcredit.shtml.

About The Author

Carrie Reeder is the owner of www.abcloanguide.com. ABC Loan Guide is an informational site with articles and lists of recommended lenders for bad credit mortgage loans.

carrie@abcloanguide.com

Bankruptcy Means Testing Under the New Bankruptcy Law

Bankruptcy Means Testing Under the New Bankruptcy Law

by: Jameson Joyce

The rush to file bankruptcy ahead of the new bankruptcy law over. Now what? Did you miss the boat if you didn't file bankruptcy before the new law went into effect?

Absolutely not. Although the new bankruptcy law has made it much more difficult to file bankruptcy, most attorneys are finding out that the new bankruptcy law is manageable and filings are on the rise.

One of the most confusing parts of the new bankruptcy law is the bankruptcy means test.

In an effort to stop bankruptcy abuse, Congress decided to implement a step to the bankruptcy process called the "bankruptcy means test".The new bankruptcy law requires a test to be performed by every debtor prior to filing bankruptcy. The actual test is alot like doing your taxes. The means test revolves around the median state income for the state in which the debtor will file bankruptcy.

The bankruptcy means...

Bankruptcy Means Testing Under the New Bankruptcy Law

Bankruptcy > Bankruptcy Means Testing Under the New Bankruptcy Law

Auto Loan After Bankruptcy - Beware Of Shady Lenders

Auto Loan After Bankruptcy - Beware Of Shady Lenders

by: Carrie Reeder

If you have a recent bankruptcy but need an auto loan, you may be surprised at how easy it still can be to get approved for an auto loan. Because the bank can protect themselves by using the vehicle as collateral for the loan, it's much easier to get vehicle financing with past credit problems than it is to get a new credit card or another kind of unsecured loan.

There are many finance companies online competing for your business, to finance your vehicle. Just beware of unethical lending practices. People with bad credit are often prey to lending scams. Bad credit borrowers have fewer lending options than other borrowers and some finance companies take advantage of that fact. Here are 3 things to do to protect yourself from an unethical auto finance company.

1. Compare Rates Among at Least 3 Different Lenders Online - If you have 3 or more loan offers to compare, you...

Auto Loan After Bankruptcy - Beware Of Shady Lenders

Bankruptcy > Auto Loan After Bankruptcy - Beware Of Shady Lenders

Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

by: Lee Seno

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...

Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

Bankruptcy > Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

Atkins Declares Bankruptcy....is Low Carb Dead?

by: Dan Robey

As many of you have already heard, Atkins Nutritionals Inc. the company that turned low carb eating into a worldwide diet craze has filed for bankruptcy court protection.

Does this mean that people did not lose weight on the Atkins diet?

Of course not, carbohydrate restriction has been proven to accelerate weight loss in the short term. Notice the last two words...short term. There is a simple reason why Atkins filed bankruptcy, people love to jump on the latest diet craze and then jump off just as quickly as they jumped on. When buyer demand slows, so do revenues.

People did lose weight, and lot's of it on the Atkins diet. The problem is that diets like the Atkins diet are hard to stick with long term. In fact, there has been little solid evidence to show that carbohydrate restriction can lead to permanent weight loss. What then is the key to permanent weight loss?

Atkins Declares Bankruptcy....is Low Carb Dead?

Bankruptcy > Atkins Declares Bankruptcy....is Low Carb Dead?

Is Bankruptcy The Right Option for You?

by: Ken Austin

Types Of Bankruptcy

There are two different types of bankruptcy that can be used in most cases.
Each one has a different set of rules and guidelines that you must follow in order to qualify for and get the bankruptcy.
If you are considering bankruptcy, it is important to understand the differences in these types of bankruptcy and to choose the one that best fits your needs and the one that you qualify for.

Chapter 7 Bankruptcy

This is the type of bankruptcy that is most often used by individual debtors.
It allows for an individual or married couple to wipe out their debt by taking property and liquidating it.
The money from the property is then used to pay off the debt that the individual has incurred.
In some states, certain property can be retained.
Only property that is exempt under the bankruptcy laws is eligible.

Is Bankruptcy The Right Option for You?

Bankruptcy > Is Bankruptcy The Right Option for You?

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How To Choose A Pool Cover?

by: Marcus Grant

End of the swimming season? Now you need to cover your swimming pool with a pool cover and say a very good-bye to the swimming times. But the biggest problem that accompanies you after the end of the swimming season is how to maintain the swimming pool. The direct answer is 'use pool covers to maintain your pool in good conditions. For, pool covers shield the pool and protect it from unwanted debris and rain water...

Bankruptcy How To Choose A Pool Cover? pool table Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

Bankruptcy > How To Choose A Pool Cover?

Time is Gold

by: Kenia Morales

Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you. Carl Sandburg (1878 - 1967)

How do you spend most of your spare time? Do you sit in front of the TV for hours? Do you speak on the phone for long periods of time? Do you sit outside and watch your neighbors come and go? Do you play computer games? I personally...

Bankruptcy gold ring

Bankruptcy > Time is Gold

Write Articles Geared to Your Local Market to Bolster Your Local Search Visibility

by: Lynella Grant

The Shortest Distance to Your Home Town Enterprise is Over the Internet

Combine two dynamite online methods for bringing your business to the attention of buyers - Local Search and widely posted articles you write. Doing both gives you a jump on your local competition, plus additional credibility and exposure to your market.

Local Search occurs by...

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Bankruptcy > Write Articles Geared to Your Local Market to Bolster Your Local Search Visibility