2017 Guidelines On Mortgage Part Of Bankruptcy
2017 Guidelines On Mortgage Part Of Bankruptcy: Introduction
One important topic that needs to be mentioned early on in the new year, it is the 2017 Guidelines On Mortgage Part Of Bankruptcy. The fact of the matter is just because you may have fallen on some hard times, a lot of people share that same pain with you. On the average year, 1 out of every 50-60 households claims bankruptcy so that means at least 1 household on the street you live on will claim bankruptcy every year. This calculates out to 1.5% – 2.0% of households in the United States will claim bankruptcy every year. Now your financial credibility isn’t over and you can work on re-establishing your credit and in this article we will see just what you have to do to own a home again. Now there are definite differences when dealing with 2017 Guidelines On Mortgage Part Of Bankruptcy for Conventional Loans and FHA Loans.
2017 Guidelines On Mortgage Part Of Bankruptcy: Conventional Loans
When you are talking about Conventional Loans and 2017 Guidelines On Mortgage Part Of Bankruptcy Fannie Mae and Freddie Mac come to mind for the fact that they are the 2 Government Sponsored Enterprises or GSE’s who create the guidelines that are used for creating guidelines for Conventional Loans. If you had a mortgage as part of your Chapter 7 Bankruptcy then the waiting period for you to qualify for another Conventional Loan is 4 years from the discharge date of the bankruptcy.
2017 Guidelines On Mortgage Part Of Bankruptcy: FHA Loans
If you want to obtain an FHA Loan, the 2017 Guidelines On Mortgage Part Of Bankruptcy are as follows. The mandatory waiting period for an FHA Loan after a Chapter 7 Bankruptcy is 3 years after the sheriff’s sale of your home and NOT the discharge date of the bankruptcy. If you included your FHA Loan in your Bankruptcy filing, then you need to make sure you do what you can to move along the transfer of the home out of your name or the waiting period cannot start and you will be left in limbo for a considerable amount of time.
2017 Guidelines On Mortgage Part Of Bankruptcy: Conclusion
If you were a previous home buyer and went through some hard times you do not need to worry because lenders these days know this and have developed guidelines to help put borrowers back in homes again after they have re-established their credit. Lenders realized it would do more harm than good by cutting off all the borrowers with a bankruptcy in their history. Now let me tell you, all lenders are not the same and some have what we call Lender Overlays which are additional guidelines in place in addition to the guidelines set forth by Fannie Mae, Freddie Mac, and the FHA. For example, the waiting period on a Conventional Loan could be 4 years per the guidelines, but a lender can enforce a waiting period of 7 years in an effort to reduce the risk of loans they approve and fund. Now if you want to work with a group that does not deal with lender Overlays then Loan Consultants is the place you need to be. We can help you get loans that use minimal guidelines. Get in touch with us ASAP to get started at 888-900-1020 or email@example.com.