Mortgage
Custom Search
 

Home
Second Mortgages
Home Mortgage
Bad Credit Home Loan
Mortgage Refinance Rates
Adverse Credit Mortgage Loan
Home Equity Loan
Best Homeowner Loans
Poor Credit Mortgage Refinance
Zero Down Mortgage Loans
Sitemap
 
Buying A Home After Bankruptcy – Low Credit Score Mortgage Loans
by Carrie Reeder

Excellent credit is not required to buy a home. Of course, a higher rating will qualify homebuyers for a low rate and better loan programs. Still, buying a home after bankruptcy is easy. Although home loans following a bankruptcy discharge c ..

Excellent credit is not required to buy a home. Of course, a higher rating will qualify homebuyers for a low rate and better loan programs. Still, buying a home after bankruptcy is easy. Although home loans following a bankruptcy discharge come with high rates, a home purchase is a great way to quickly boost a low credit rating. Here are a few tips on getting a low credit score mortgage loan.

Sub Prime Mortgage Loan Programs

There are many options available to homebuyers with a low credit rating. Credit scores below 680 do not qualify for prime home loans. Hence, these persons will need to speak with a sub prime mortgage broker or lender. Sub prime loans are intended to assist those who cannot obtain traditional mortgage financing. These lenders work with all types of people and credit situations. Furthermore, sub prime lenders have a multitude of different loan options.

Who Qualifies for a Sub Prim Mortgage Loan?

Anyone with a low credit score can get approved for a sub prime mortgage loan. However, there are certain limitations. Many lenders will not approve a mortgage loan if the borrower's credit score is below 500. In this instance, the risks are too high. Homebuyers who fall into this group may consider improving their credit before applying for a home loan.

Having a chapter 7 bankruptcy, collection accounts, and judgments will not disqualify a buyer from obtaining a sub prime mortgage loan. Naturally, loans of this sort have higher interest rates. However, if the homebuyer maintains a good payment history, they will have the option of refinancing for a better rate in the future.

Other Loan Options Available after Bankruptcy

As mentioned, sub prime mortgage lenders offer a range of home loans for every need. Following a bankruptcy discharge, homebuyers have the option of obtaining a “no credit score home loan.” Because lenders do not offer 100% financing on these loans, buyers must be prepared to pay a 20% down payment.

Another loan option available is the zero down home loan. This loan is offered to buyers with good and bad credit. Zero down home loans include 100% financing, which is perfect for first time homebuyers and buyers with little cash savings. To qualify for a no money down home loan with bad credit, your credit score cannot fall below 580.

View our Recommended Lenders For Buying a Home After Bankruptcy.

Also, view our recommended sources for a free Trans Union, Experian and Equifax credit report.

 
NB: This site is not responsible for any content in it. Email us at daviscarlod4(at)gmail(.)com
atlanta austin boston chicago cleveland dallas denver detroit honolulu houston inland empire kansas city las vegas los angeles miami minneapolis nashville new york orange co philadelphia phoenix portland raleigh sacramento san diego seattle sf bayarea st louis tampa bay wash dc alabama alaska arizona arkansas california colorado connecticut delaware dc florida georgia guam hawaii idaho illinois indiana iowa kansas kentucky louisiana maine maryland mass michigan minnesota mississippi missouri montana nebraska nevada n hampshire new jersey new mexico new york n carolina north dakota ohio oklahoma oregon pennsylvania puerto rico rhode island s carolina south dakota tennessee texas utah vermont virgin islands virginia washington west virginia wisconsin wyoming alberta brit columbia manitoba n brunswick newf & lab nova scotia ontario pei quebec saskatchwn territories abbotsford calgary edmonton halifax hamilton kelowna montreal ottawa quebec st john's toronto vancouver victoria winnipeg more .. bangladesh china india indonesia iran iraq israel japan korea kuwait lebanon malaysia pakistan philippines singapore taiwan thailand turkey UAE vietnam west bank au/nz australia micronesia new zealand argentina bolivia brazil caribbean chile colombia costa rica dominican ecuador el salvador guatemala mexico nicaragua panama peru puerto rico uruguay venezuela africa egypt ethiopia ghana kenya morocco south africa tunisia austria belgium bulgaria croatia czech repub denmark finland france germany great britain greece hungary iceland ireland italy luxembourg netherlands norway poland portugal romania russia spain sweden switzerland turkey ukraine UK amsterdam athens bangalore bangkok beijing barcelona berlin budapest buenos aires delhi dubai dublin hong kong london madrid manila melbourne mexico moscow paris rio de janeiro rome seoul shanghai singapore sydney tel aviv tokyo zurich