| Tips on Getting an FHA Loan after a Grueling Bankruptcy |
| Articles - Mortgage |
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If you're ever tried to buy your first home, you know that FHA loans can be a great benefit to home buyers. The loan terms are usually quite agreeable, the interest rates are usually lower, and best of all the down payments are usually less than conventional loans. FHA loan limits are higher than they used to be. This makes an FHA loan a great way for first time home buyers to afford their first home.
If you're ever tried to buy your first home, you know that FHA loans can be a great benefit to home buyers. The loan terms are usually quite agreeable, the interest rates are usually lower, and best of all the down payments are usually less than conventional loans. FHA loan limits are higher than they used to be. This makes an FHA loan a great way for first time home buyers to afford their first home. Many homeowners have had to, for many reasons beyond their control, resort to filing for bankruptcy or endure a foreclosure since the real estate bubble burst. The down turn in the economy is forcing families get smarter with their credit and take steps to insure their families' future. One of the things that families are having to become more aware of are the credit requirements for any future loan approval.This article helps you understand how to get approved for an FHA loan after having a bankruptcy or foreclosure. It's possible for people who have had both bankruptcies and foreclosures in their past to get FHA loan. Here are some of the restrictions; the borrower or borrowers have to have a nearly perfect credit history since the foreclosure or bankruptcy. FHA loans are also subject to normal qualifying guidelines with income and debt limitations. A Chapter- Bankruptcy requires 12 consecutive months of on time payments on all accounts, including utilities, cell phones etc and everything else on a credit report from the filing of the bankruptcy. Chapter 7 Bankruptcies require 24 months of perfect credit from the disposition of the bankruptcy. Foreclosures require at least 3 years of perfect credit from the foreclosure. Loan approval, especially FHA insured loans can be difficult.It is highly recommended that you speak an FHA specialist to determine your eligibility prior to investing your time viewing properties. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Want to learn more about Palm Springs real estate? Visit Kevin's site to see a list of his Palm Springs real estate agents. |