- 2018 Posts

  1. FHFA Conforming Loan Limits 2019
  2. How 2018 Market Trends Will Affect Wisconsin Buyers
  3. No Money Down Home Loans Appleton Oshkosh Green Bay Wisconsin
  4. Benefits of using FHA for your home loan
  5. Benefits of being a homeowner
  6. Wisconsin local lender vs online lender
  7. Home Loan Pre-Approval
  8. No Money Down Home Loan
  9. Serve and Support Loans
  10. Debt Consolidation and Cash Out

+ 2017 Posts

+ 2016 Posts

+ 2015 Posts

Bankruptcy and Home Buying

December 12, 2016

All mortgage programs have requirements when it comes to qualifying for financing a home. For those people that lost their home to a foreclosure, or have declared bankruptcy, getting approved can be a lot sooner than they might expect. For example, a borrower that lost their home may now qualify for a FHA loan. Buyers with a FICO score of just 620 and 3 years out from foreclosure could find themselves getting approved for a new home purchase. Underwriting guidelines may help those that have declare bankruptcy or had a foreclosure just a few years ago. 

 

Re-establish your credit as quickly as possible after a bankruptcy or foreclosure. Starting with a secured card is a great way to get payment history back on your credit bureau, and will help boost your score. Be sure to pay the card off, in full, monthly, and not run it up to its credit limit. Before long, more offers for credit will be offered, and establishing a few solid credit lines with a good pay history will be easier than you think. Lenders want to see that you are now taking your credit seriously, and are handling it responsibly with on time payments and without big balances. 

 

If the original foreclosure or short sale happened because of circumstances beyond the borrower’s control, such as death or serious illness, waiting periods for new home financing may be reduced. 

 

Here at GSF Mortgage, we help home buyers every day answer questions about their credit worthiness and buying power. Many times financing is available much earlier than the borrower expects. Contact us today, we are here to help! 

 

 

Ron Meyer
GSF Mortgage Corporation
300 Patriot Dr.
Little Chute, WI 54140
(920) 788-9608
rmeyer@gogsf.com
NMLS #222688 & 1018