As much as we wish to avoid, there are many things in life that we cannot control. A sudden loss of job, a personal mishap, or even a divorce can lead to creation of bad credit. With a bad credit, does it necessarily mean you can never get a mortgage loan to finance your home?
Fortunately for many people out there, there are banks as well as mortgage companies out there that can provide all the necessary support and solutions. Yes, solutions are available even if you have a bad credit or are already declared a bankrupt. It is not the end of the road and you do not have to give up your home for such reasons. But before you get too happy about it, take note that at the same time, they can be in the form of various marketing disguise as well. Not to discredit these firms, but it does make business sense that banks as well as mortgage companies should seek to maximize all walk-in opportunities while at the same time, providing you a solution to your needs.
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Many people still have the impression that once a person is declared a bankrupt, you'll have to wait for nearly a decade, because that's how long a bankruptcy will appear on a credit report. That is obviously a myth.
Although different lenders set different guidelines, conventional lenders will consider all loan applications just like any other forms of loans so long as a bankruptcy has been discharged for 2 to 4 years and that credit has been established over this period of time. For a less stringent loan application, your best bet would be through the FHA as they only require 2 years since discharge. Even the VA gives the veteran a better break than conventional loans do.
However do note a word of caution: there are firms that specialize in dealing only with folks with bad credit or damaged credit. While we try our best not to mention who these firms are, you should consider all your available options. Quite often, you maybe offered to take up a subprime. These are loans designed specifically for people with less than prime credit. Essentially, you'll be using a subprime lender to get a mortgage loan when your credit has been hurt. As tempting as such offers maybe, always consider the option of trying conventional loans instead (which should be your safest bet). Tell your lenders up-front that you wish to discuss the possibility of a conventional or government offering first.
But what if you still do not qualify for the conventional loans? Sure, you can subsequently consider the option of subprime loans, as long as it's from the same conventional lenders. But as always, be aware of the various terms and conditions attached, as well as do the necessary market research to attain competitive bids.
Don't be bounded to just one bank or mortgage company.
(Note: readers must be aware that the views expressed above are those of the author and should not be considered as legal advice or grounds to pursue legal judgement. Visit our website to find out more on home loans and other related loans.)
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