chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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- Feb 14, 2007
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The Next Mortgage Bombshell
- Thread starter chinaco
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lovinglife1
Dryer sheet aficionado
- Joined
- Sep 9, 2010
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How about this article i picked in my monthly VA Mortgage Newsletter...Why do i have this sinking feeling....
Buying After Bankruptcy
Rebuilding your life after going through bankruptcy requires perseverance and discipline. Yet the rewards are there: You can restore your credit and become a homeowner, despite a previous bankruptcy filing. Typically a borrower must wait two years after a Chapter 13 bankruptcy or four years after a Chapter 7 filing in order to obtain a home loan. Consumers who have gone through foreclosure proceedings generally can't purchase for five years.
Mortgage investment firms Fannie Mae and Freddie Mac have set these standards. Loans purchased by the two government-backed companies generally offer borrowers the lowest rates. However, it's possible to reduce the waiting periods to two years after bankruptcy, and three years on a foreclosure. We can do this by explaining to Fannie and Freddie how "extenuating circumstances" contributed to someone's financial difficulties.
Adding a letter to a loan application documenting the extraordinary reasons for a household's money struggles can gain leniency in rule interpretation. A family which experienced a serious illness and job loss at the same time is more likely to be given a second chance sooner than a household which simply suffered from a layoff. Your ability to make on-time payments today also needs to be documented. A stable income, strong recent credit history, and solid down payment help make your case. Let's review your financial situation together, and come up with a plan to purchase your own home. Today's great prices and low rates are just too good to pass up!
Buying After Bankruptcy
Rebuilding your life after going through bankruptcy requires perseverance and discipline. Yet the rewards are there: You can restore your credit and become a homeowner, despite a previous bankruptcy filing. Typically a borrower must wait two years after a Chapter 13 bankruptcy or four years after a Chapter 7 filing in order to obtain a home loan. Consumers who have gone through foreclosure proceedings generally can't purchase for five years.
Mortgage investment firms Fannie Mae and Freddie Mac have set these standards. Loans purchased by the two government-backed companies generally offer borrowers the lowest rates. However, it's possible to reduce the waiting periods to two years after bankruptcy, and three years on a foreclosure. We can do this by explaining to Fannie and Freddie how "extenuating circumstances" contributed to someone's financial difficulties.
Adding a letter to a loan application documenting the extraordinary reasons for a household's money struggles can gain leniency in rule interpretation. A family which experienced a serious illness and job loss at the same time is more likely to be given a second chance sooner than a household which simply suffered from a layoff. Your ability to make on-time payments today also needs to be documented. A stable income, strong recent credit history, and solid down payment help make your case. Let's review your financial situation together, and come up with a plan to purchase your own home. Today's great prices and low rates are just too good to pass up!
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