If you have a 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, which are; income verification and a down payment.
For these active seniors who were not ready to move into assisted living and yet did not want to stay in their current properties, it used to be that they could only use a reverse mortgage your house to purchase the new home they desired if they used one of the few higher interest rate, proprietary-type programs which allowed for home purchases. It looks like this is about to change!
New government programs are offering loan modifications with a trial period of three months. If the mortgage payments are successfully paid then the modification will become permanent with a fixed interest rate for 5 years. A successful home owned mortgage modifications afford the lender to get paid one thousand dollars for each successful loan and up to three thousand dollars over the next three years if the mortgage payments are successful.
There are ways to get a down payment for your mortgage besides having the money saved in the bank. Some ideas to do that are: 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.
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. 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 your house after bankruptcy are getting to be much easier to obtain these days.
For these active seniors who were not ready to move into assisted living and yet did not want to stay in their current properties, it used to be that they could only use a reverse mortgage your house to purchase the new home they desired if they used one of the few higher interest rate, proprietary-type programs which allowed for home purchases. It looks like this is about to change!
New government programs are offering loan modifications with a trial period of three months. If the mortgage payments are successfully paid then the modification will become permanent with a fixed interest rate for 5 years. A successful home owned mortgage modifications afford the lender to get paid one thousand dollars for each successful loan and up to three thousand dollars over the next three years if the mortgage payments are successful.
There are ways to get a down payment for your mortgage besides having the money saved in the bank. Some ideas to do that are: 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.
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. 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 your house after bankruptcy are getting to be much easier to obtain these days.
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