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Applying for a Mortgage after a Bankruptcy

Qualifying for a home mortgage with a bankruptcy on your credit history requires time and money. Yet by understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home. 
Your Credit Score
The three main U.S. credit bureaus--Equifax, Experian and TransUnion--maintain your credit history. Using that history, plus its own proprietary equation, the Fair Isaac Corp. calculates your FICO credit score somewhere between 850 and 300 points. Anything above 700 points is good to excellent, with... more

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Mortgages

In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.

Rates

Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.

Home Buying

Obtaining funding is crucial to buying a home. This requires applying for a mortgage, choosing a house that meets the appraisal standards, and determining the amount of the down payment.

Loans

There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.

Moving

When making a big move, it's essential to find out as much as possible about the schools, the neighborhoods, the housing costs and the community resources.

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Credit Availability Increases for Third Straight Month

Improving economic and housing market conditions led to the third consecutive month of increases in the availability of mortgage credit in June, according to the Mortgage Bankers Association. The MBA’s Mortgage Credit Availability Index (MCAI) rose 0.5 percent in July to 116.4, up from 115.8 in June. Increases in the MCAI point to a loosening of credit standards, while a decrease indicates the drying up of credit. The baseline of 100 was set in March 2012. During the height of the housing bubble the Index reached levels of 800. “The main driver in the MCAI’s increase was a rise in the number of jumbo Adjustable Rate Mortgage (ARM) programs,” according to a statement from the MBA. Lenders increased their availability of several types of ARM programs for jumbo loan clients, those taking out loans over the conventional standard of $417,000. Yet lenders were loosening their requirements not only for the wealthiest and those in the priciest areas, but also for those in the lowest borrowing brackets: Federal Housing Administration or FHA loans and Department of Veterans Affairs or VA loans. These government backed mortgages do not typically require large down payments or stellar credit. And after years of a mortgage credit drought, three months of increases are welcome news for lower-to middle-price borrowers. With the unemployment scene making slow but steady progress and job creation growing, potential mortgage borrowers in general are having a better time managing their finances, making them more attractive to lenders. And of course, the fact the refinance market has been hit hard since interest rates spiked last year has lenders competing with each other to curry the favor of homebuyers. If rates rise throughout 2014 and into next year as they are predicted to, that competition will only increase, hopefully bring credit availability back to where the majority of qualified buyers can obtain the funding the seek. more