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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.

MORE MORTGAGE ARTICLES

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

What Lenders Don't Reveal About Home Equity Loans

It is important to understand the truth about home equity loans so that you don't run into future problems. Lenders may not tell you the entire story when you seek to borrow on the equity of your home. Before you consider taking this step, consider the following information about home equity loans. more

How to Get Approved for an FHA Loan despite Bad Credit

FHA (Federal Housing Administration) loans are very flexible, and you may qualify for an FHA loan with bad credit. more

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Delinquencies Fall to 8-Year Low

American homeowners are doing better at paying their mortgages on time, according to the latest data from the Mortgage Bankers Association, with delinquencies falling to their lowest levels in almost 8 years. The MBA’s National Delinquency Survey found that delinquencies – loans that were at least one payment behind but not yet in the foreclosure process – fell to a seasonally adjusted rate of 5.54 percent of all mortgage loans in the first quarter of this year, up from 5.68 percent during the previous quarter and up from 6.11 percent the year before. The rate has not been that low since the second quarter of 2007. Joel Kan, MBA Associate Vice President of Industry Surveys and Forecasting, said the falling delinquency rate was due to better economic conditions for homeowners. “The job market continues to grow, and this is the most important fundamental improving mortgage performance,” he said. “Additionally, home prices continued to rise, as did the pace of sales, thus increasing equity levels and enabling struggling borrowers to sell if needed.” Even the delinquencies among those far behind on their mortgages improved in the first quarter. The serious delinquency rate – the percentage of loans that are 90 days late or more or in the foreclosure process – fell to 4.24 percent, down from 4.52 percent in the fourth quarter of 2014 and down from 5.04 percent from a year earlier. “Legacy loans continue to account for the majority of all troubled mortgages,” Kan added. “Within loans that were seriously delinquent, 73 percent of those loans were originated in 2007 or earlier, even as the overall rate of serious delinquencies for those cohorts decreases. More recent loan vintages, specifically loans originated in 2012 and later, continue to exhibit low serious delinquency rates.” more