How do I get a home loan with a recent bankruptcy in my history?

1 Answers

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   You should find a mortgage banker/broker that has other investors, though Fannie Mae is one of the largest investors that purchase mortgage loan notes in the United States.

   A 680 credit score is sufficient to obtain a mortgage loan as long as you meet the other criteria for mortgage loan approval.

   You would have to do a little leg work to find a lender that would approve and lend you funds to purchase the house you have selected based on the information in your credit report and would accept a two year old bankruptcy.

   You might consider an FHA mortgage loan where the lender has direct FHA approval status. You would have to ask when you call as to the lenders status. These mortgage lenders have a little more leave way in the approval process.

   Then you would have those mortgage lenders are still doing sub-prime lending if this house is that important to you. The interest rate would be around 4.5% to approximately 5%.

   Banks are restricted on what they are able to approved based on their investor requirements.

   I hope this has been of some benefit to you, good luck.

   "FIGHT ON"

   loanmasterone - Aug 29, 2012 | Reply