Posts Tagged "bankruptcy/shortsale"

How long after bankruptcy/shortsale before you can buy a house?

on Feb 21, 2013 in FHA Information | 3 comments

Question by Snowflake: Can I get financing to buy a house without having a job? My husband has a full time job in the military but we need the home loan for to go on my credit because his credit is taken up. I am a stay at home mom without a job. Best answer: Answer by Wisdom TrollYes you can. No doc loans don’t require any documentation. What do you think? Answer below! Question by Mr.Ed: Where can I find a Mortgage calculator that I input different monthly changes? I pay different amounts monthly on the principal, clinic and wondered if anyone knows a calculator that would show an amortization chart while calculating the extra amounts I pay monthly. I would think an Excel chart would be the best, but I’m not that computer savvy. Thanks! Best answer: Answer by Howard Lhttp://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx Know better? Leave your own answer in the comments! Question by Silver: If you want to refinance a home mortgage, approved will the lender ask for an independent appraisal of your house value? Best answer: Answer by BillUsually the answer is YES, treatment however there are some new Fannie Mae backed loans that do not require appraisal for a refinance, but you can not withdraw funds, only refinance the outstanding balance on the existing loan. The purpose is to lower your interest rate to make the payment more affordable. Give your answer to this question below! Question by perplexed_one: How long after bankruptcy/shortsale before you can buy a house? For an FHA loan you have to wait two years after a bankruptcy, unhealthy three years after a foreclosure, website like this and three years after a short sale. What if you filed for bankruptcy AND had a short sale/foreclosure? Is it three years or two years? If this is addressed on the net somewhere, side effects I would love a link. Best answer: Answer by jenniferYou will likely need to wait at least two years to buy a new home. The best interest rates will most likely come from a government sponsored loan such as FHA or Fannie Mae and Freddie Mac. There are a wide variety of government loan options: FHA, Fannie Mae, Freddie Mac, Ginnie Mae, VA, USDA and more. The FHA requirements for foreclosure, short sale, or bankruptcy are listed below. FHA typically has the most lenient qualifying guidelines. It is possible to find an independent bank, or a private mortgage lender, who will lend sooner after default. But interest rates for these types of loans can be very high. A high interest rate equals higher monthly mortgage payments. In many cases, high mortgage interest rates and high mortgage payments caused the original default. So it may be prudent to wait until a lower interest rate is available. This is the question I am asked more than any other these days. The dramatic downturn in the economy has left many homeowners who had recently done a move up or purchased their first home to go into foreclosure, short sale, or bankruptcy. Most people want to know how soon they can get their lives back on track, and back to normal if you need anything else let me know Add your own answer in the comments! How long after bankruptcy/shortsale before you can buy a...

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