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Real Estate Information |
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How to Get Financing after Filing Bankruptcy
If you're thinking about buying a home but have declared bankruptcy in the past, don't give up hope. There are still ways for you to be able to find a loan, even if your credit history is less than sterling. Lenders make various kinds of home loans, normally graded from "A" all the way down to "D." The more problems that show up on your credit report--slow pays, late pays, or even bankruptcy--the lower the grade of loan you'll be able to qualify for. If you're employed and have a relatively good income, you'll get better terms, even though you won't qualify for a "Grade A" loan. The longer you've been at your current job, the better, because it shows stability. Here are some general rules about the qualifications lenders look for before giving consumers the various grades of home loans: To qualify for an AA loan, lenders must see no late payments or any other difficulties when they look at your credit history for the past two years. First, we'll look at the top of the line loans, all in the A grade category. To qualify for an A+ loan, you can only have one late payment in that two-year time period. An A- loan is available to borrowers whose credit report shows two or three late payments, and have at least two credit cards. Borrowers in the A category will normally be qualified for all the various perks that lenders offer, such as low interest loans and low down payments. But if you've had a bankruptcy in the past, you're choices are more limited, and you'll generally need a larger down payment. For instance, a grade B loan can be obtained by borrowers who've been at their jobs for a reasonable length of time in as little as 18 months after declaring bankruptcy, assuming that they've been able to reopen at least one line of credit during that time and kept it current. Usually the lender will require 15% down, and the best interest rate the borrower can generally get is 6-7%. A grade C loan will require good, steady employment, and may be available within a similar time frame as a B grade loan. The interest rate is generally higher, currently at about 8.5%, and the down payment requirements are considerably higher. For instance, a lender will normally require 20% down on $300,000 house or 40% down on a $500,000 home. You'll need a significant amount of down payment to qualify for a grade D home loan, as well, and the interest rate will normally run between 9.95-10.7%, depending on your overall credit score. If you're employed and your credit score is above 500, you can put down as little as 30% on a $300,000 home or 45% on a $450,000 house. If you're self-employed, however, you'll need 45% down just to buy a $250,000 home. If you're hoping to purchase a home, talk to your local lender to see what their criteria are for their various grades of loans. Even if you've had a bankruptcy in your past, that doesn't mean you can't buy a home. It just means it may take some time, you'll need to establish a strong employment history, and you'll need to save more money for a down payment than if the bankruptcy hadn't occurred. (c) Copyright 2004, Jeanette J. Fisher. All rights reserved. Forget what you've been told about credit. Get the Credit You Need to Buy Real Estate. Visit Real Estate Credit Help Center: http://www.recredithelp.com
MORE RESOURCES: Blackstone's Wesley LePatner, a mentor to women and real estate investing leader, killed in NYC office shooting Business Insider The real estate market: 5 key themes to watch this week Real Estate News by RealEstateNews.com AI Is Transforming Real Estate Marketing | Florida Realtors 18 months later, Blackstone still sees real estate comeback ahead Private Equity Real Estate | PERE Real estate: Condo prices rise in Indian River County; fall in Martin, St. Lucie counties Treasure Coast News Troy Furbay has been appointed Managing Director, Hospitality at Crescent Real Estate LLC Hospitality Net ‘Walking beside him’: Daughter continues stepfather’s real estate dream Mountain Home Observer Richland County property transfers recorded July 21-24 Mansfield News Journal Double digit price increases for Putnam real estate Mid Hudson News Alex MacWilliam of Alex MacWilliam Real Estate in Vero GlobeNewswire Haag-Brown Commercial Real Estate to open Bentonville office Talk Business & Politics RE/MAX revenue continues to slip despite agent gains Real Estate News by RealEstateNews.com Executive Killed in Manhattan Shooting Was CEO of Blackstone's $53 Billion Real Estate Megafund Realtor.com Real estate transfers: 7/30 Toledo Blade Inside Zillow’s summer launch: 5 new tools built for agents Real Estate News by RealEstateNews.com Anywhere revenue inches up despite ‘weird’ housing market Real Estate News by RealEstateNews.com Unlock MLS calls new listing option ‘a win for seller choice’ Real Estate News by RealEstateNews.com Real Estate Transactions | July 14-18, 2025 Republic-Times Real estate office renovating former daycare The News-Enterprise Exclusive: Apple to buy another Silicon Valley campus for $365 million San Francisco Chronicle Ledge Road property in Newport sold for $3.3 million tops latest Newport County sales Newport Daily News What’s Rising Across the Upstate? Updates on 7 Real Estate Developments - upstate business journal What’s Rising Across the Upstate? Updates on 7 Real Estate Developments upstate business journal Santa Monica Ranks Second Most Expensive for Rentals as Real Estate Market Shows Mixed Signals Santa Monica Daily Press Christie’s Debuts Crypto Real Estate Division The New York Times Atlanta real estate tycoon Tom Cousins has died at 93 Rough Draft Atlanta Easton home on Sierra Drive that sold for over $1M 'epitomizes one-of-a-kind luxury' Enterprise News Population Growth in England and Wales: A Boon for Real Estate and Social Infrastructure Sectors AInvest Prospect Medical attorneys ask judge if company can abandon some of its Delaware County real estate CBS News Blackstone’s LePatner killed in NYC shooting Private Equity Real Estate | PERE With The Enolia, MCB Real Estate reinvents the residence hall for Morgan State University Baltimore Fishbowl Boardwalk Real Estate: Q2 Earnings Snapshot San Antonio Express-News Lucky Strike Entertainment Buys Up Location Real Estate RePlay Magazine RealPage buys Rexera, maker of 'AI agents' for real estate deals The Business Journals One of the world’s largest luxury real estate firms wants to help you buy a house — with crypto New York Post Apollo Commercial Real Estate Finance, Inc. Reports Second Quarter 2025 Financial Results Quiver Quantitative Gold Key Real Estate lewistownsentinel.com Commercial Real Estate Still Has a Software Problem Commercial Observer Brixmor Property Group's Q2 2025 Earnings: A Strategic Playbook for Resilient Retail Real Estate AInvest Fed Interest Rate Predictions: No Cut Expected Tomorrow, July 30, 2025 Norada Real Estate Investments Judge sides with LGBTQ+ Alliance in battle with ex-CEO Real Estate News by RealEstateNews.com The Future of AI in Real Estate Valuations: Understanding Tomorrow’s Appraisal Standards Appraisal Buzz Partners Real Estate names a new top executive in Austin The Business Journals NexPoint REIT Offers Shareholders Choice in $0.15 Distribution: Cash or Stock Payment Options Stock Titan WeWork Wants You to Know It’s a Grown-Up Real-Estate Firm Now The Wall Street Journal Virgin Hotels Chicago Flagship Sold in Strategic Deal Amid Timeshare Real Estate Shift – What You Need to Know Travel And Tour World Real estate: Home prices climb in Martin, Indian River counties; fall in St. Lucie County Treasure Coast News Cohen & Steers: Real Estate Woes Continue To Weigh Seeking Alpha |
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