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
Many factors can affect your mortgage application and get you denied. Know what factors will hurt you and plan ahead so you can present the best financial picture to the lender. more
FHA (Federal Housing Administration) loans are very flexible, and you may qualify for an FHA loan with bad credit. more
- What Lenders Don't Reveal About Home Equity Loans
- Should You Refinance? Make Sure the Timing is Right
- Short Selling a Rental Property
- Home Equity Loans for People with Bad Credit
- 3 Reasons Banks Reject Short Sales
- FHA Eligibility with Bankruptcy and Foreclosure
- Alternatives to Getting a 2nd Mortgage
- Appraisal Basics
- 3 Warning Signs of Loan Modification Scams
- What To Do When Mortgages Default
- 3 Common Short Sale Mistakes
- Second Mortgages: Advantages and Disadvantages
- Low Down Payment Loan Qualification
- FHA Loans for a First-Time Home Buyer
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.
Most mortgage banks and lenders traditionally prefer to sell off any home loans they make to the secondary market as soon as they make them. But for one segment of the market – the jumbo loan – lenders are having a change of heart. The secondary market – investors who buy up securities made of mortgages that have been originate by banks and bundled together in groups – has only been able to purchase 2.3 percent of all jumbo loans made in the first half of 2014, according to industry newsletter Inside Mortgage Finance. When compared with the 49.3 percent of jumbo loans in 2005 that were securitized, you have to ask yourself why. For starters, mortgage loan standards have been severely restricted since the housing collapse six years ago. It has been much tougher for those with small down payments or less-than-perfect credit histories to obtain home loan financing. On the other hand, those seeking jumbo loans – mortgages over $417,000 in most of the country and $625,500 in the nation’s priciest areas – typically have very large down payments and great credit as well. These loans are viewed as safe bets and have become a highly desired commodity for banks and investors alike. Because these are the least risky mortgages and because the jumbo loan market is booming right now, many lenders are deciding to hold these loans on their books instead of selling them off. The lenders are making more money from those jumbo loans with annual interest rates of roughly 4.2 percent whereas the savings account rate is only around 1 percent a year these days. And the changes in the market are turning into benefits for jumbo borrowers as well. Lenders who plan to keep the loans themselves can usually offer better interest rates or more attractive loan terms. Says Guy Cecala, Inside Mortgage Finance CEO and publisher, “The case could be made that borrowers are better off without a mortgage-backed securities program than they were before,” he says. more