Mortgage Options After Bankruptcy Sacramento CA

If you have had recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan.

Local Companies

Sierra Mortgage
(916) 489-1986
2386 Fair Oaks Blvd
Sacramento, CA
Metro Financial Service
(916) 369-1163
9237 Folsom Blvd
Sacramento, CA
Capital Mortgage Credit
(916) 567-1194
1800 Tribute Rd
Sacramento, CA
Platinum Mortgage
(916) 399-8400
6203 Fennwood Ct
Sacramento, CA
Integrity Financial Services
(916) 362-4277
9521 Folsom Blvd
Sacramento, CA
Call-Link Realty Mortgage Inc
(916) 392-3722
5850 Stockton Blvd
Sacramento, CA
Premier Mortgage Funding
(916) 925-5969
2485 Natomas Park Dr
Sacramento, CA
American Pacific Mortgages
(916) 924-7371
1600 Sacramento Inn Way
Sacramento, CA
Cohan Luxury Lending
(916) 446-5800
2310 J St Ste A
Sacramento, CA
National City Mortgage
(916) 564-9500
1601 Response Rd Ste 260
Sacramento, CA

After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.

If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved.

There are ways to get a down payment for your mortgage besides having the money saved in the bank. Here are some ideas of ways to do that:

  1. Borrow or ask for a gift from relatives. After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives. Keep in mind that if you intend the money to be as a loan only from the relatives, you would need to disclose that to the lender before you close. Lenders usually have regulations about where the down payment is coming from and if you are not honest, it could be considered defrauding a lender.

  2. There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on “down payment assistance” with your favorite search engine.

  3. You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed.

Mortgage loans after bankruptcy are getting to be much easier to obtain these days. If you would like to see a list of our preferred bad credit mortgage lenders, visit this page: www.abcloanguide.com/lessthanperfectcredit.shtml.

About the Author:

Carrie Reeder is the owner of www.abcloanguide.com. ABC Loan Guide is an informational site with articles and lists of recommended lenders for bad credit mortgage loans.

carrie@abcloanguide.com


Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

ADValue Financial Solutions

707-451-2380
190 S. Orchard, Suite A210
Vacaville, CA

Related Local Events
Ambassadors' Committee Meeting
Dates: 7/1/2009 - 7/1/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

Business Issues Committee Meeting
Dates: 6/26/2009 - 6/26/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

Executive Board Meeting
Dates: 6/23/2009 - 6/23/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

Membership Committee Meeting
Dates: 6/18/2009 - 6/18/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

Suisun City Business Group Meeting
Dates: 6/18/2009 - 6/18/2009
Location: Suisun City Council Chambers
Suisun, CA
View Details