Carrie Reeder asked:




Years ago, people who had a bankruptcy on their credit report were unable to get a decent mortgage, if they were able to get approved for a mortgage at all. However, today, the rules have changed. More and more lenders are offering mortgage loans to people who’ve filed bankruptcy. If you have a bankruptcy on your credit report, and you’re looking to get a mortgage loan, read this article to find out three things you need to know about getting a home loan after bankruptcy.

Waiting Two Years Earns You Better Interest Rates

If you need to apply for a mortgage earlier than two years after the date that
your bankruptcy went through, you’ll likely get approved; however, your interest
rates will be a lot higher than they would be if you wait two years. After two
years, most lenders will see you as less of a risk, and you will qualify for
much better mortgage terms.

A Bigger Down Payment Makes You a More Qualified Borrower

When you apply for a mortgage loan, your lender looks at something called your
LTV ratio. LTV is the amount of money you are borrowing divided by the value of
your home. For example, if your home is worth $100,000, and you are borrowing
$90,000, then your LTV is 90%. 100% LTV’s are generally reserved for borrowers
with near-perfect credit. However, the lower your LTV is, the more likely you
will get approved for your mortgage. Most lenders rarely decline loans with an
LTV at or lower than 80%.

Some Lenders Specialize In After-Bankruptcy Mortgages

Some lenders specialize in loaning to people with either bad credit or past
bankruptcies. These lenders will not view you as more of a risk than their other
borrowers because all of their borrowers are in the same situation as you are.
Your best bet is to shop online and compare interest rates and terms between
different lenders. This way you can be sure that you are getting the best deal.

Mario

Milt Wapner asked:




If you are looking to buy a mobile home and you have a limited amount of money to put down towards your purchase, you may want to consider a FHA mobile home loan. FHA stands for Federal Housing Administration and it’s responsible for Housing and Urban Development (also known as HUD). How does this help you? FHA insures your mortgage loan so that lenders will give you a good deal, even though you do not have a sizable down payment.

Under the FHA mobile home loan umbrella there are two types of programs. One is for people who already own land to put the mobile home on and the other is for people that choose to locate their mobile home in an established mobile home park.

When lenders consider applicants for FHA-backed mobile home loans, they must follow certain eligibility requirements. These requirements include considering the applicant’s credit rating, the income and the ability to repay the debt.

A Title 1 loan can be used to buy a mobile home, a lot on which to place a mobile home, or both. The home must be the primary residence of the person or persons obtaining the loan. There are maximum loan amounts as well as loan terms that must be adhered to, as follows. For a mobile home only, the maximum is $48,600. For a piece of land or lot, the maximum is $16,200, while the maximum for a combination of the two is $64,800. Maximum loan terms for FHA mobile home loans are: 20 years for a mobile home or a single section mobile home and lot, 15 years for a lot, and 25 years for a multi-section mobile home and lot.

Most of the time when you buy a mobile home, you will also have the opportunity to finance your purchase at the mobile home dealer in which you make your purchase. Sometimes these dealers will not offer FHA-backed loans. If they do not, ask them for a referral to a lender who will use FHA. Or you could consider finding a lender online.

To qualify for a FHA-backed mobile or manufactured home mortgage loan, you must meet some minimum criteria. You must be able to provider five percent down payment (although there are additional programs to help if you do not have this amount), proof of income and a suitable place to locate your mobile home (this may be on your own land or in a mobile home park).

Francisco

Carrie Reeder asked:




There are many different home mortgage loan opportunities available to people who have credit problems. When applying for a loan, you should carefully consider the amount of the loan, interest rates, lending fees, and other terms and conditions.

Bad Credit Home Mortgage Loans

Bad credit home mortgage loans can be a valuable source of credit when you need it. However, it is very important to purchase a loan that is within your means. Just because you qualify for a large amount of money, it doesn’t mean that you should borrow that sum. Lenders often pressure their customers to borrow more, more, more. Don’t give in to this pressure. The amount of money that you borrow should be based on your finances, not someone else’s opinion.

Home Mortgage Loan Interest Rates

If you have credit problems, you may be penalized with higher rates and lending fees. This is why it is very important for people who have credit problems to shop around for the best rates. When comparing rates, you will also want to carefully consider the loan terms and any lending fees that may apply.

Home Mortgage Loan Terms

Though bad credit mortgage loans typically come with a higher interest rate, they can often be refinanced at a later date. If you think that you may want to refinance when your credit is in better shape, check into the pre-payment penalties before accepting the loan.

Most bad credit home mortgage loans carry some type of pre-payment penalty. If you have a long penalty, you may have to wait a long time before you can refinance the loan. Make sure you have a clear understanding of the amount of money and the time period involved in pre-payment.

Danny