Getting a Mortgage After Bankruptcy
Most people who have been through the experience of a bankruptcy agree that it can feel like the end of the road for you.
Although you may view it as the ultimate failure in life, you need to get past these emotions in order to move on with your life.
Remember, there are many people who have filed for bankruptcy and gone on to experience great success in life.
Just look at financial guru Dave Ramsey! Your past only defines you if you allow it to.
Now is the time to take control of your future! Remember, there are no unrealistic goals just unrealistic deadlines.
Now is a great time to get in touch with what you really want in life.
Chances are your bills are low, so if you have always dreamed of going back to school or changing careers now may be the time.
Or, if what you really want out of life is to settle down in the home of your dreams, then set that as a goal and make it happen! Do not let anyone tell you that you cannot get after bankruptcy mortgage loans.
Some people would have you to believe that you will need to wait between seven and ten years to get credit again.
That just isn't the case! In fact, if you do everything right, you may be able to get a loan in as little as two or three years from the date that your bankruptcy is discharged.
Unless there are some changes in the lending guidelines, chances are you are going to be looking to qualify for an FHA loan.
While once these loans were extremely easy to qualify for, (I once closed a loan for a client with a 483 credit score!) changes to the FHA guidelines in 2010 have made these loans more difficult to get.
Still, it is attainable.
You will want to work to get your credit score up to a minimum of 620.
You may hear people advertise that they accept scores lower than this, and although you may get lucky most lenders are not approving loans below this point.
Even though FHA allows it, the lenders face certain liabilities and this creates a risk that most are not willing to take.
While it may seem like a long way away, two or three years will go by before you know it.
With some hard work, you can own a home again!
Although you may view it as the ultimate failure in life, you need to get past these emotions in order to move on with your life.
Remember, there are many people who have filed for bankruptcy and gone on to experience great success in life.
Just look at financial guru Dave Ramsey! Your past only defines you if you allow it to.
Now is the time to take control of your future! Remember, there are no unrealistic goals just unrealistic deadlines.
Now is a great time to get in touch with what you really want in life.
Chances are your bills are low, so if you have always dreamed of going back to school or changing careers now may be the time.
Or, if what you really want out of life is to settle down in the home of your dreams, then set that as a goal and make it happen! Do not let anyone tell you that you cannot get after bankruptcy mortgage loans.
Some people would have you to believe that you will need to wait between seven and ten years to get credit again.
That just isn't the case! In fact, if you do everything right, you may be able to get a loan in as little as two or three years from the date that your bankruptcy is discharged.
Unless there are some changes in the lending guidelines, chances are you are going to be looking to qualify for an FHA loan.
While once these loans were extremely easy to qualify for, (I once closed a loan for a client with a 483 credit score!) changes to the FHA guidelines in 2010 have made these loans more difficult to get.
Still, it is attainable.
You will want to work to get your credit score up to a minimum of 620.
You may hear people advertise that they accept scores lower than this, and although you may get lucky most lenders are not approving loans below this point.
Even though FHA allows it, the lenders face certain liabilities and this creates a risk that most are not willing to take.
While it may seem like a long way away, two or three years will go by before you know it.
With some hard work, you can own a home again!