Trying to buy a home after bankruptcy can be a frustrating undertaking. If you are not sure where to go for a loan you will get constant denials, plus all the credit report pulls may drive your credit score down as well. So where do you go to get a home loan after bankruptcy and is there any programs available you qualify for?
The type of loan you qualify for and can use all depends on how far out of your bankruptcy you are and how you have re established your credit since your bankruptcy was discharged. Below is a list of loan programs you can use to buy a home after bankruptcy
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After bankruptcy Home Loan Programs
Sub Prime And Hard Money-If you have just recently, within the last 12 months came out of your bankruptcy then you will have to find a sub prime or hard money lender. Both of these lenders will loan to people with a bankruptcy discharged as little as 1 day ago. But they only lend at very high interest rates and will require a down payment of 20-25% and charge very high fees to fund the loans.
FHA Home Loans-If you have been out of your BK for at least 2 years and have rebuilt your credit you will more then likely be able to qualify for an FHA home loan.
The FHA offers great rates but is not quite as strict as a standard conforming mortgage lender is. The only drawback is that the FHA does require at least a 580 credit score and some lenders bump this up to 620 so if your credit score is low you will be disqualified from this program.
Conforming Mortgage Loans- In order to get a standard low rate conforming mortgage to buy a home after bankruptcy you will need to be out of your bankruptcy for at least four years. You will also have had to rebuild your credit to perfect scores of 720 or higher and kept a stable job history. if you fit this profile then you are very lucky to have rebounded so quickly and can benefit greatly from the low rates conforming loans offer.
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