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to refinance after bankruptcy

by wellsbrenda99993 from , California. May 27th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

More info needed, but in general, all loan products have mandatory waiting periods that must be adhered to before you can apply for a mortgage.. But we would need to know if a mortgage/foreclosure was included in your BK, and if so, did you go delinquent prior to filing BK or were you current when the BK was filed and then included the property in the BK.. Also, which BK did you file, 7 or 13? The waiting periods are different for all these scenarios.. Also, depending on the purchase price your looking in, that will also dictate which loan product you need to apply for an how long you must wait.. For FHA and BK 7, it's 2 years if there was no mortgage involved, but FHA has a maximum loan amount of $271,050 for most of the country (possibly higher loan limits in parts of CA).. if there was a home/foreclosure involved, then the FHA mandatory waiting period is 3 years.. For VA, it's 2 years even if there was a home involved, but most lenders will make you wait 3 anyway.. and you must have VA eligibility to qualify. For conventional, 4 years post BK and if the a home/foreclosure was current at the time of filing.. if a mortgage was delinquent at filing, then you would need to go by the foreclosure guidelines, and that's a 7 year waiting period. For chapter 13, the waiting period is 12 year, but you would need to have permission from the trustee.. Regardless of your scenario and the mandatory waiting period, you would still need to meet all other eligibility requirements.. Credit scores, job, income, down payment, reserves.. etc.. As you can see, there is no simple answer without knowing all the details.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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

May 27th 2016
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I have a lender that will do 2 years out of bankruptcy and one day out of foreclosure or short sale. What is the loan amount, value of your property and credit score?

May 27th 2016
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