Home Buying with a Bankruptcy
Filing bankruptcy is a stressful time in a
person's life. Along with discharging your debts and gaining a fresh start, you
may wonder if you will be able to buy a home after a bankruptcy. The answer is
yes! Mortgage companies and online lenders are now offering home loans for those
who have a bankruptcy on their credit report. Some lenders will even approve
your loan as soon as one day after your bankruptcy has been discharged.
Buying a home after
bankruptcy is no longer impossible. There are many reasons a person chooses to
file bankruptcy. The loss of a job, unexpected medical bills, and overwhelming
credit card debt are just a few of the factors that can lead to filing
bankruptcy. The mortgage lending industry has created special loan packages and
terms for those who have filed bankruptcy in the past. Lenders have little to
lose in approving a home loan after bankruptcy. With your home serving as
collateral for the loan, the lender can feel confident in approving you for a
home loan, often soon after your bankruptcy has been discharged.
Filing bankruptcy and buying a home are no longer mutually exclusive terms. Both
traditional and online lenders can give you a good interest rate and payments
you can afford, even after filing bankruptcy. If you have filed Chapter 11 or
Chapter 7 bankruptcy and are wondering if you can obtain a home loan, contact a
lender today who specializes in approving mortgages after bankruptcy. Interest
rates are currently lower that they have been in decades. Even after filing
bankruptcy you can get your new home loan approved and receive a great interest
rate. Online lenders and mortgage companies are competing for your business. Do
not let a past bankruptcy prevent you from purchasing the new home of your
dreams.
If you have filed bankruptcy in the past and would like to purchase a home,
there are numerous programs and loan products that will suit your needs. Lenders
will approve your loan quickly and give you excellent terms on your mortgage.
Some lenders will require that a certain amount of time pass before approving a
new home loan after a bankruptcy while other lenders can approve your loan in a
little as one day after your bankruptcy has been discharged. Now is the perfect
time to apply for a mortgage, even if you have filed for bankruptcy in the past.
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Mortgage Glossary6
