Getting a Home Mortgage After Bankruptcy
Author: M Petrone
If you have recently filed for bankruptcy there is ways to get a mortgage. The best way to do this, is to make extra efforts to increase your down payment (bigger = better) and make sure you are prepared for income verification by the lender.
Typically, lenders require a 24 month wait from the moment the bankruptcy was official until you will be considered for a home loan. However, when that 2 year wait is over, you most likely will be able to receive 100% financing for your mortgage. Keep in mind your credit score will still need to be decent. Keep up to date with payments, even minimum payments at all costs, especially after bankruptcy.
However, if you are seeking a home loan within 24 months after bankruptcy, your credit will need to be perfect since the bankruptcy. Then, you will often still need at least a 5% down payment. The more that you have for a down payment the better chance you have of getting approved.
Here are some great ways to get some down payment money to help your mortgage approval with the lender.
Ask a good friend or a relative for a loan, pay it back in a few years after you have reestablished your credit and can refinance your mortgage for a better rate and walk out with cash. The lenders require that you tell them about any loans from relatives or friends to assist in the down payment. So maybe get it in a card for a holiday instead of 1 lump sum 
Mortgage lenders have strict requirements (so they say) about where the down payment money is coming from do not get caught lying/defrauding a mortgage lender.
Search the internet for down payment assistance programs. Theres even government grants available to first time mortgage seekers. Google down payment assistance and you should have a good start.3. 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.
Cash out old bonds, sell some stock, cash out some of your 401k. If you keep up with your credit rating after the mortgage, you can refinance for a way better rate and put the cash back into where you got it out from. Kind of like a loan to yourself.
-Refinancing FAQ & Advice
-M Petrone
Article Source: http://www.articlesbase.com/mortgage-articles/getting-a-home-mortgage-after-bankruptcy-674129.html
About the Author
I have been in mortgage lending for over 15 years and have since retired. I provide free useful information to would be home refinancing prospects. My website http://www.refinancingcondo.com is updated daily with insider tips, tricks, and knowledgeable articles written by professionals.
http://www.refinancingcondo.com
What are the effects of bankruptcy on job search?
I may be faced with bankruptcy, and want to know what affect filing for bankruptcy will have on future jopb searching.
Where can I search bankruptcy records for free?
I have found plenty of sites that charge fees but free public records should be available online somewhere – any links?
Is there any website were I can search bankruptcy records?
When declaring bankruptcy is it common practice for investigators to search for property abroad.?
When declaring bankruptcy is it common practice for investigators to search for property abroad.?
Assuming
1 / You disclose none.
2/ What can they do if they find some?
Additional Details
I am looking for UK specific knowledge pls
When you search filing bankruptcy on Internet?
why are some websites trying to scare you from filing bankruptcy because you car insurance will go up. Wow save thousands on bankruptcy or pay an extra 20 dollars a month go figure.
Some employers will do a credit check as part of a background search for a job applicant. Bad credit or a bankruptcy may disqualify you as a possible candidate.
No, they SHOULDN’T be available online because a local bankruptcy court by law, DOES NOT have to provide that information on the internet to the general public.
If you want to search for a bankruptcy, get in your car and drive down to the bankruptcy court…if it’s too far, then you have just figured out why the company’s charge…convenience.
lol yeah makes no sense does it..
personally I think it is bull that car insurance rates are partial based on individuals financial situations/credit history.. It shouldn’t matter if you have/had bad credit for it is not like they lose anything since they can simply cancel people’s insurance when they don’t pay for it..
who’s been a naughty boy.
it doesnt matter weather you disclosed or not there are 2 issues here.
the first is that if you did not disclose that you had property abroad and it is found out that you have after claiming bancrupcy then you can be brought back before the court for purgery.
2nd if they do find out you have property abroad it will be seized, sold and the monies will be distributed to your creditors.
easy solution
put the property in anothers name say a child and then declare bankrupcy
Yes there are- pacer.com but you have to have a password & pay per page. also various areas have sites such as mychapter13.com but again you need password. Even though this is public record there are privacy issues.