Home loan bankruptcy bad credit
Having a house of your own is not only a big asset but also something that you can rely on for your future. If you have a good credit standing then getting a home loan to buy or build your own house can be an easy task but if you are suffering from credit problems or have faced a recent bankruptcy then you will have to wait for sometime till your credit score improves and you can be applicable for these loans .
This is the usual story that people having faced bankruptcy have to go through. However, with the help of some lenders and brokers this problem can be solved fast and you can also be applicable for these loans to own your house .
Lenders these days require that the bankruptcy should have been discharged two years back and you should have some amount of credit so that they can help you in getting these loans. For people having filed chapter 13 bankruptcy getting these loans is much simpler as compared to people who have filed chapter 7 bankruptcy. This is because of the fact that those who have filed chapter 13 have established a record of paying back their creditors and hence the lender can easily develop trust on the borrower .
How to make the process easy?
Applying for a home loan after bankruptcy can be an easy task if you take a few steps towards improving your credit score . Let us see what are these steps.
The first thing that you should do is open a new account preferably savings and keep depositing small amount of money at regular intervals. When you apply for the home loan and reveal the details of this account the lender is assured that you have understood the importance of savings and would pay back the amount .
You can apply for a secured or pre-paid credit card and start using it carefully. Make sure that whatever purchases you are making with these cards, is within your limit of paying it back . Also make sure that you do not use the card for making bigger purchases, as it can be difficult to meet with the payments. Also make sure that if you have made a big purchase you keep making the minimal payments towards this account .
Once you start making regular payments towards the newer accounts you would see that your credit rating would improve gradually and when the lender sees your credit report then he would be assured that you would keep the payments on time .
Since the lender is already aware of the fact that you have filed for bankruptcy he would see the payments towards the newer accounts after the discharge of the same . Hence, you should make sure that you maintain a good rapport after the discharge of bankruptcy.
Choosing the right lenderWhen you wish to apply for a home loan after bankruptcy it is advised that you choose your lender with much care . Depending on your credit rating you can either apply with a normal, or a sub-prime lender . The prime or the normal mortgage lenders are known to provide mortgage loans to people with good or average credit . However, these days such lenders are also considering people with below average credit and can also help you out if you exhibit good performance after the discharge of your bankruptcy.
The only thing that should be kept in mind is that you would be offered higher interest rates and maybe the term and repayment conditions of your loan would be a bit different than the mortgage loans for people with good credit. In case you have to apply with a sub-prime mortgage lender then make sure that you choose the lender with much care . This is because of the fact that there are many lenders who try and take advantage of the situation of people suffering from such problems .
Recommended lenders for these loansWhen it comes to searching for a lender that gives out home loans to people having faced bankruptcy then it can be a difficult task . Some of the lenders giving these loans are mentioned below :
Alliance Mortgage:
They provide mortgage loans to people having faced bankruptcy. Contact them at 18000 Studebaker Rd Ste 700 Cerritos,CA 90703 ; phone: 1.562.467.6943.
Sun Country Home Mortgage:
">They help people with bad credit in purchasing and refinancing their houses . You can contact them at 7121 W Bell Road, Suite 130 - Glendale, AZ 85308; Office Phone: 623-266-1806 Fax: 623-266-3487, Cell Phone: 602-618-7087.
Leybridge Limited :
They offer mortgage loans to people having discharged bankruptcy and other types of bad credit problems . You can contact them at Pine Grange. Bath Road. Bournemouth. Dorset. Bh2 2PF, phone: 0800 977 7587.
Five Star Mortgages:
They are independent mortgage brokers functioning in Connecticut and other states. You can contact them at Toll Free: 800-871-2636, Fax number: 888-667-5484, email: loans@fivestarsmortgage.com
Endsleigh Independent Financial:
They help people having faced bankruptcy and other credit problems in getting
mortgage loans. Contact them at Shurdington Road, Cheltenham Spa,
Gloucestershire GL51 4UE ; phone: 0800 389 2193.
Ideal Mortgage Solution:
If you are suffering from bad credit and wish to get a mortgage then you can get some of the best offers with this company. They treat every application individually. You can contact them at 491 North S.R. 434, Suite 131, Altamonte Springs, FL 32714 ; Ph. 407-786-9898, Fax. 407-786-9899, Toll-Free: 1-866-786-9898, Email. lauren@idealmortgagesolutions.com for more details.
Merit Funding Inc.:
They help you in qualifying for the best mortgage loan with the least paperwork involved even when you have bad credit . You can contact them at 2065 Ygnacio Valley Rd, Walnut Creek, CA 94598 ; 925-939-7283 or Toll Free 1-877-904-0300, Fax: 925-938-7206.
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