Question by bbwg_hbic: Where can I get a loan for a home when I have filed bankruptsy?
I need to get a home loan but I went through a divorce and filed bankruptsy. I make good money so I can pay a mortgage. Im in an apartment now and pay my bills fine. and my credit has been good before and after bankruptsy. Except for about 6 months before I filed. Ive tried to get a loan for a home and have been turned down because of my credit score caused by bankruptsy.
Best answer:
Answer by stevemorbitzer
You need to call a lender and ask for counseling. Ask a real estate agent in your area for a referral. The lender can tell you what to do to get your credit cleaned up or ever a loan. It may be higher interest.
You can also look in the paper for “Money to Lend” in the classifieds.
What state are you in? Feel free to e-mail me.
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Bankruptcy may not be the reason you can’t get a loan.
Lenders look at several things… your debt-to-income ratio (primary), your history of repayment to other lenders, the amount you want to borrow vs the value of your home, your length of time at your present job, AND your character as they perceive it.
When you are denied a loan, U.S. banks, credit unions and other mortgage lenders are required by law to notify you and tell you WHY your application has been turned down. When you get one of those notices, call the lender and ask to speak with the person who took your loan application. Sit down with her and ask for her advice on getting a loan.
Follow her advice.
You had good payment history since the bankruptcy? With actual lines of credit, not just monthly bills and rent?
You’ve probably been applying with A paper lenders. Talk to several brokers. Brokers have not only A paper but also subprime lenders on tap.
Now, you may need more of a down payment, or you may not be able to prove you make enough to justify the loan. But your best bet for the best treatment is through brokers.
In general, if you’ve got a 580 credit score and can prove you make enough money, you can get 100% financing.