BANKRUPTCY MORTGAGE INFORMATION
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WHAT YOU NEED TO KNOW
1.
You Need to Document Positive Credit Following a Bankruptcy.
Bankruptcy is the systems way of letting you
start over. If after you start over, you experience
additional credit challenges, this will decrease your chances of
getting a mortgage approval.
2. Bankruptcy Recovery
Takes Time. Usually a mortgage lender will
want to see one year of on time payments following your
bankruptcy discharge in order to approve you for a home
mortgage.
3. You Should Not Be Treated
Unprofessionally Just Because You Had A Bankruptcy.
Don't let anyone treat you like a second class citizen because of
your credit. If they do, move on and find a lender worth giving
your business to.
4. You Should Ask The
Lender If He or She Has Experience With Post Bankruptcy
Mortgages. There is no sense wasting your time with
a loan officer that does not know how to present your case to an
underwriter or what to ask you for to get your post bankruptcy
mortgage to comply with underwriting guidelines.
5.
Know your income to debt ratio. This is one of the
factors your mortgage mender will use to determine if you qualify
for a loan of not. You can use a home mortgage calulator
to estimate your payments
and then add that to your other monthly debt obligations. Then divide this into
tyour gross monthly income to find your debt to income raio (a.k.a.
DTI) which should not exceed 40%.
To get all of the
information you need to get back on track and get a home mortgage
after bankruptcy, order The Bankruptcy Mortgage Book today!
We wrote The
Bankruptcy Mortgage Book so you can be an educated consumer. This
is important in any arena relating to your finances, not just
restoring your credit or buying a house. Whether you want to build
your retirement, buy gold or invest in
the stock market, education is your ticket to empowerment. We hope
you enjoy and benefit from the
book."
Once you are ready
to apply for a home mortgage, visit our mortgage
application information center
.
