buy a home after bankruptcy

Buying a home after bankruptcy?

           Mainstream Lenders: 

  •  Buying a home after bankruptcy, there are 3 ways to do this.   First way is to qualify for a mainstream lender at best rates.  In order to qualify for this you must be discharged a minimum of 2 full years and have re established credit on a minimum of 3 trade lines, counting from the date of discharge.  3 Trade lines means for example, a credit card, an auto loan, and a personal loan, or any combination.  However you must we aware that secured credit cards with nominal limits do not carry as much weight as unsecured credit cards.

          Alternative B Lenders

  • Alternative Lenders:  The 2nd way is to qualify for an alternative lending or mortgage solution with a lender that specializes in allowing poor credit.   B Lenders make it easier for you to qualify for a mortgage after bankruptcy.   You could qualify 1 day after being discharged.   However you will need to come up, depending on location, with 20% or more down payment.
         Private Lenders
  • Private mortgage lender:  The 3rd way is to qualify for private financing.  Private financing may require a 20 to 25% down payment depending on location and type of property.  The advantage of private lending is credit is often overlooked and the income can or not be considered.  If you have severe issues with your credit and cannot prove income easily, this option might be the solution best  fitted to you.

 

  • Fees:  You will need mandatory insurance with a mainstream lender if you have less than 20% down.  With an Alternative Lender it will cost you a 1% of the net amount borrowed.  If you have sufficient down payment the fee could or may be capped saving you from having to pay it out-of -pocket at closing.

 

  • Appraisal:  Whenever you have 20% or more down you will require an 3rd party appraisal and is a requirement of the approval.  It is recommended you factor in the time required to complete the appraisal when negotiating your financing condition clause and allow ample time for the report to be completed.

 

  • Consultation:   Can you buy a home after bankruptcy?  We recommend to consult with a mortgage professional when considering purchasing or refinancing your home after bankruptcy.     Your mortgage professional will be able to determine how best to structure your new mortgage and qualify you in the best possible way.

 

  • At Real Mortgage Associates we have been serving clients who have been buying homes after bankruptcy. We know how to qualify you in either a mainstream lending program, or an interim Alternative mortgage solution.
  • Call or apply on line today if you buying or refinancing a home after bankruptcy

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FIRST TIME HOME BUYER SPECIAL PROGRAMS

RMA Mortgages offers first time home buyer special mortgage programs to qualified borrowers. Click the links below for more information.
  • Mortgage for Self Employed Individuals
  • Mortgage for New Canadian Immigrants
  • Mortgage for Canada Non-Residents

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RECENT EX BANKRUPT?

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