Waverly dance
Thursday, November 30, 2006
Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

So you have got got been through a bankruptcy and surely have been
told to wait at least two old age before applying for a home
loan. Waiting two long old age without any warrant of being
approved for a mortgage after bankruptcy can be
disheartening. Fortunately, this advice no longer holds

Today, there is a growth realisation of the need to offer
home loan merchandises that are specifically designed for
borrowers with an imperfect credit or financial history. Mortgage programs have got got been created especially for borrowers
who have gone through a bankruptcy. In fact, those with a
bankruptcy discharged for even one twenty-four hours may apply for a home
loan. That's right, if your bankruptcy was discharged
yesterday, you can measure up for a mortgage today!

Now you are probably thinking that although you are
eligible, it will be hard to qualify. The truth is that
qualifying is much easier than you think. The fact that you
have got been through bankruptcy is not even considered in the
rating of your credit. Any liens, aggregations or
judgements that look on your credit report will also not be
used in the rating of credit and will not need to be
paid off.

What is of import and what will be looked at is your credit
score. Now here is the good news: with a minimum FICO score
of 500, you are qualified to purchase a home with a 20% down
payment. Having a credit score between 550 and 579 will
allow you to borrow up to 95% of the purchase price; and
with any score above 580, you are qualified for 100%

With the competitory rates that are available on mortgage
after bankruptcy programs, you are able to recognize the dream
of homeownership with a mortgage payment that is affordable
and tantrums easily within your budget. Along with the
traditional benefits of owning a home, such as as equity
edifice and tax benefits, you will most importantly be
rebuilding your credit profile. Additionally, you may also
profit from the current strong lodging market and its
appreciating home values.

So now you cognize the following: that you can measure up for a
home loan today, what the credit demands for a mortgage
are, and that you can reconstruct your credit and financial life
through homeownership. Gone forever are the old age of waiting
two years and life with the dim prospect of obtaining a
mortgage after bankruptcy. You have got got worked hard to discharge
your bankruptcy and have the fresh start that you were
looking for.

There is authorization that come ups with the knowledge that you
can purchase a home today even if your bankruptcy was
discharged yesterday. So get qualified for a home loan,
start searching for a home and get packing material those boxes!

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