Mortgage Options After Bankruptcy West Lafayette IN

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

Pefcu Mortgage Svcs
(765) 497-8800
1551 Win Hentschel Blvd
West Lafayette, IN
Keystone Mortgage Co Inc
(317) 202-9391
6353 Ferguson St
Indianapolis, IN
Pinnacle Mortgage Funding
(317) 573-9700
250 E 96th St
Indianapolis, IN
Mercantile Bank
(219) 764-2442
6015 US Highway 6
Portage, IN
GMAC Mortgage Corp
(260) 432-7251
7030 Pointe Inverness Way
Fort Wayne, IN
Covenant Mortgage Llc
(812) 944-7775
2627 Charlestown Rd
New Albany, IN
American Mortgage & Financial Services
(574) 534-9666
216 N Main St
Goshen, IN
First Funding Equity
(317) 587-0495
2993 Weatherstone Dr
Carmel, IN
Summit Mortgage
(317) 861-5739
26 W Main St
New Palestine, IN
1 St Choice Services Inc
(317) 837-8000
710 W Main St
Plainfield, IN

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


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