Can you get a new mortgage with past foreclosure/bnkrptcy/ & no money down if so where?
Question:
Answer:
The answer to your question is yes you can get a mortgage with a past foreclosure or bankruptcy, there are even some companies that will give you a mortgage with you being one day out of bankruptcy.
You should find you a good mortgage "Broker" in your local area. This person should be knowledgable about loans that are in the sub-prime area as well as loans that are A-.
One thing you should know about getting a loan since you have had a bankruptcy and/or foreclosure your interest rate will not be what you read in the newspaper. One thing to keep in mind is that no matter what the rate is it is tax deductable on your federal income tax, so you will eventually get it back, your payments will be higher. This will depend on how long you have been out of bankruptcy and foreclosure. The longer the better.
Once you have successfully paid your mortgage for a year you may refinance the loan for a better loan and this time, if you have paid your mortgage on time you could possibly get a rate that you read about in the newspaper. Remember that in addition to paying your mortgge on time it is equally important to pay your other debts, such as car notes, and credit card debts on time also. This will give you the best possible interest rate available.
If after a year and you have made your mortgage payments on time, but have had a little difficulty with the other consumer debt get a good mortgage "Broker" they have access to lenders that will give you a mortgage only loan. This is a mortgage based solely on how you have paid your mortgage.
I hope this has been of some use to you, good luck.
"FIGHT ON"
yea, but there are a lot of contingencies. like how long ago your bnkrptcys/foreclosures are. the main contingency would definitely bee your current debt ratio, and your credit score. go to your bank and get some free financial advice from one of their advisors, they'll usually have a free initial consultation.
Good Luck.
There's a lender for every borrower. But watch out! If your credit is weak, you'll be looking at extremely high interest rates and you'll be dealing with a servicing company that will hassle the sh*t out of you if you're a day late on a payment.
It might make more sense to rent for a while and get your finances in order, build your credit rating back up, and save for a down payment.
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