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Applying for a Mortgage after a Bankruptcy

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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What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more

FHA Eligibility with Bankruptcy and Foreclosure

FHA mortgage loans require borrowers to wait three years after a foreclosure and two years after a bankruptcy before applying for financing. Good credit since the incident is generally a requirement as well. more

Low Down Payment Loan Qualification

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

Fixed Rate Mortgages

These mortgage loans have fixed interest rates for the duration of the loan. Fixed rate mortgages do not change and they are not tied to an index, unlike adjustable rate mortgages. The interest rate is fixed in advance at a specific interest rate.

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Lenders Loosened Standards in March

Good news for buyers coming into the spring home-buying season: mortgage credit is now more available that it has been in the past three years, as lenders warm up to the potential for more home loan revenue. The Mortgage Bankers Association’s Mortgage Credit Availability Index rose 0.44 percent to 114.0 in March, up from 113.5 in February. The MBA set its baseline index at 100 in March 2012. An increase in the index indicates looser credit standards. “I don’t think there’s any question that mortgage underwriting has gotten easier or is looser than it was two or three years ago, but it’s nowhere near where it was in 2005, 2006,” said Guy Cecala, publisher of the trade publication Inside Mortgage Finance in a MarketWatch article. “We are talking about easing from extremely tight underwriting standards.” Although it didn’t start tracking mortgage credit availability until 2012, the MBA estimates that in 2007 the index would have had a reading of 800. Much of the increase in availability has been to buyers in the higher price ranges, following sales patterns. The National Association of Realtors recently reported that annual sales of homes priced between $500,000 and $750,000 grew 6.4 percent and sales between $750,000 and $1 million jumped 13 percent. At the same time, however, annual sales for home priced up to $250,000 – the bulk of homes on the national market – sank seven percent. “Consistent with past months, many lenders and investors are providing borrowers seeking higher loan amounts with a broader range of financing options by introducing new jumbo loan programs. Over the month, some lenders made a complete exit from wholesale lending operations, while other lenders moved to enter that space or expanded operations,” said Mike Fratantoni, MBA’s Chief Economist in a statement. Jumbo loans are for mortgages that exceed the Freddie Mac and Fannie Mae guarantee maximums. If prices keep climbing and inventory remains restricted, lenders are likely to keep focusing on opening more credit to buyers in the higher price brackets. more

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