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can you refinance after bankrupcy or purchase a new home prior to the 2 yrs?

If you have a Fannie May loan and your loan has been bought or transferred is the new company allowed to change the type of loan? by Pinkchange777201 from Fort Lauderdale, Florida. Jan 21st 2016 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Much more info needed to answer your question.. There is a mandatory waiting period of 2 to 4 years depending on the loan product your applying for.. there's even an FHA loan product that allows you to apply after 1 year.. but each program has some very specific guidelines.. without knowing all the details of your specific scenario, it's impossible to say if you can.. for this reason, the best advise I can give you is to contact a local mortgage broker and apply with them.. once they see your complete loan details, they will be able to advise you properly.. Stay away from the big bank on the corner... typically, they don't have programs which help borrowers with credit issues.. they primarily take the "cream of the crop" so to speak.. But Brokers on the other hand would be the perfect place to start.. Brokers have access to numerous different lenders ( i have 21) with each one offering a different lending program, including retained agency and portfolio loan products. The more lenders the more lending products and the greater likelihood your loan will get accepted. But I caution you.. stay away from the nationwide or internet lenders.. find someone local where if you have an issue, you can walk in the door to talk face to face with someone.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 22nd 2016
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Joshua Lerette (FloridaFHAVALender)
#213 ranked lender in Florida - 47 contributions

Once your BK is discharged, generally you will have a wait period of anywhere from 1-4 years before you qualify for financing.VA - Veterans Only - Minimum 1 year waitFHA - Minimum 2 year waitConventional - Fannie Mae or Freddie Mac - 4 year waitWhen the servicing rights to your loan are sold, your loan terms cannot change.

Jan 22nd 2016
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Craig Prickett (cpmtgnow)
#160 ranked lender in Florida - 97 contributions

Yes Possible... Im in Fort Lauderdale.. actually Plantation Fl.. My web site is www.firstfloridafin.com 954 558 4430 call or text if you want to discuss

Jan 22nd 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

The answer is mostly no... You will read about minimum waiting periods after a major credit event like a bankruptcy or foreclosure. You many also read about possible exceptions for extenuating circumstances. I wish they would remove that clause, because no one ever gets the extenuating exception... NO ONE - EVER. So figure you will need to wait the minimum period required depending on the new loan type.

Jan 22nd 2016
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Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

You have some excellent answers to your questions thus far. I would say if your bankruptcy could be attributed to the recession and you experienced at least a 20% drop in income for a time, directly contributing to your bankruptcy, you should have a shot with less than 2 years from the BK. I have not done one of these innearly a couple of years so not sure if there are many now with less than 2 years from a chapter 7 BK directly attributed to that time period. I would consult with a mortgage broker who has knowledge of this who does loans in Florida.

Jan 22nd 2016
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