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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

Alternatives to Getting a 2nd Mortgage

There are several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. more

3 Reasons Banks Reject Short Sales

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

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Existing Home Sales Bounced Back in September

After falling in August, sales of existing U.S. homes rose to their highest level of 2014 in September, according to the National Association of Realtors. “Low interest rates and price gains holding steady led to September’s healthy increase, even with investor activity remaining on par with last month’s marked decline,” said NAR chief economist Lawrence Yun. “Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter.” Total existing-home sales rose 2.4 percent in September to a seasonally adjusted annual rate of 5.17 million homes, up from 5.05 million in August, but they are still down 1.7 percent from a year earlier. Home prices fell markedly on a monthly basis, dropping to a national median of $209,700, down from $218,400 in August. The price was up 5.6 percent however compared to September 2013, marking 31 straight months of year-over-year price gains. Foreclosures and short sales made up a slightly higher share of sales in September with 10 percent, up from 8 percent in August, but down from 14 percent a year ago. The falling percentage of distressed properties for sale has helped prices regain ground in the past year. At the same time long-term mortgage interest rates climbed to an average of 4.16 percent on a 30-year fixed-rate conventional mortgage, up from August’s average of 4.12 percent. Historically speaking, rates are still incredibly low. “Economic instability overseas is leading to volatility in the stock market and is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now,” said Yun. “This is welcoming news for consumers looking to buy, although they could temporarily become more cautious by less certain economic conditions.” more