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.
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Figure out your estimated monthly mortgage payment by estimating your loan amount, interest rate, and time period.
Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
In order to qualify for a low down payment loan, you typically must have a good credit history, sufficient income for the monthly mortgage payments, and enough money for closing costs, among other things. more
There are many reasons why banks reject short sales. The three most common reasons a property does not qualify for a short sale are: the offer price is too low, the buyer does not qualify, or the seller does not qualify for the short sale. more
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- Home Equity Loans for People with Bad Credit
- What To Do When Mortgages Default
- Second Mortgages: Advantages and Disadvantages
- Short Selling a Rental Property
- How to Get Approved for an FHA Loan despite Bad Credit
- Appraisal Basics
- FHA Loans for a First-Time Home Buyer
- Alternatives to Getting a 2nd Mortgage
- Should You Refinance? Make Sure the Timing is Right
- 3 Factors that Can Negatively Affect Your Mortgage Application
- 3 Warning Signs of Loan Modification Scams
- 3 Common Short Sale Mistakes
- FHA Eligibility with Bankruptcy and Foreclosure
These loans are insured by government-backed companies and make it more affordable for first-time homebuyers and lower income families to get into the housing market.
Mortgage Loan Types
Select a loan type best suited to your needs.
Adjustable Rate Mortgage - A loan with a floating interest rate, determined by a set of indices.
FHA Loan - A loan guaranteed by the Federal Housing Authority.
VA Loan - A loan offered to American veterans by the U.S. Department of Veteran Affairs.
Existing U.S. home sales made a small gain in February, according to the National Association of Realtors, but were held back by limited inventory even as mortgage interest rates rose slightly. Total sales of existing homes rose 1.2 percent to a seasonally adjusted annual rate of 4.88 million in February, up from 4.82 million in January. Compared with the previous year, sales are up 4.7 percent. At the same time, the median existing home price rose 7.5 percent from February 2014 to $202,600. Prices have now risen on a year-over-year basis for 36 straight months. “Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,” said NAR chief economist Lawrence Yun. “Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before rates rise.” Inventory grew just 1.6 percent in February to 1.89 million existing homes for sale, a 0.5 percent decline from one year ago. At the current sales pace, there is a 4.6-month supply of homes, below what the 6-month mark the NAR considers a balanced market between buyers and sellers. Mortgage interest rates could play into the coming months of home sales. The average rate on a 30-year fixed rate mortgage rose to 3.71 percent in February, up from 3.67 percent in January. Yun cautioned, “with all indications pointing to a rate increase from the Federal Reserve this year – perhaps as early as this summer – affordability concerns could heighten as home prices and rents both continue to exceed wages.” more