How Long Do You Have To Wait To Get A Loan After A Bankruptcy?…

Have you ever wondered how long you have to wait to get a loan after a bankruptcy?

I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy…

FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.

VA: 2 years from completion date.

USDA:  3 years from discharge date.

Fannie Mae: 4 years from discharge date, or dismissal date.

Freddie Mac: 4 years from discharge date or dismissal date.

That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

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Get A Rate Quote Here.

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Rules For Getting A Loan If You Have Recently Been Out Of Work…

Hope you had a great Easter weekend!

Have you been out of work, and now you are working again?

…and, you would like to buy a house?

I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation…

There are just a few main guidelines that FHA likes to see for the borrower in this situation to be eligible for financing…

1) Current employment of at least six months.

2) Documentation of two years of employment prior to the absence. Acceptable documentation includes w-2′s, paystubs, or a written verification of employment.

3) Acceptable scenarios include an individual who took several years off to raise children, but has now retuned to work.

If you know someone in this situation and they want to purchase a home, have them give me a call and I’ll try to help!

That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

My Previous Blog Posts

Reverse Questions Answered…

Did you know we do Reverse Mortgages?

I wanted to address the two most common
questions that I get regarding reverse mortgages…

Question: What happens if I die? Will the lender be taking my house?

Answer:   No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep your home.

 Question: What happens if the loan balance becomes greater than the value of my home?

Answer:  No matter how large the loan balance becomes, you have the right to continue to live in the house. The lender cannot take over your home as long as it is your principal residence. Besides, you will NEVER owe the lender more than the value of your home. HUD will pay the shortage for you, if there is any.

That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

My Previous Blog Posts