Bankruptcy

Begin YOUR online
search NOW!!!


http://www.MinneapolisStPaulhomes.com

Bankruptcy

Mortgage Underwriting guidelines For Bankruptcy

January 29, 2010 by · Leave a Comment 

VA and FHA tends to be much more lenient on approving a loan after a bankruptcy.  In fact, with FHA we can get you a new loan or refinance your existing loan if you have a chapter 13 bankruptcy and have had on time payments for the past 12 months.  VA generally requires 2 years from the discharge date.  Conventional loans (Fannies Mae & Freddie Mac) tend to require the longest time line from a bankruptcy-usually 3-7 years.  It all depends if you have a chapter 7 or a chapter 13 bankruptcy.  You can view the PDF of the Fannie Mae rules to see how they are currently underwriting when someone has had a foreclosure.

FannieBankruptcyFC.pdf

 
Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Blogplay



Powered By WP Footer

Tagged: , , ,

READ MORE

Previous: How To Recover From Bankruptcy In Half The Time
Next: Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

Disclaimer: This communication is provided to you for informational purposes only and should not be relied upon by you. RE/MAX Results is not a mortgage lender and so you should contact a mortgage broker or lender directly to learn more about its mortgage products and your eligibility for such products. Regarding specific blog postings, external links and any other information found on this site, neither John Mazzara nor RE/MAX Results assumes any responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. John Mazzara and RE/MAX Results are not associated with the government, and our service is not approved by the government or your existing lender. Even if you accept this offer and use this site and/or our services, your lender may not agree to change your loan should you decide to pursue a short sale or any other change involving your loan or loan terms and conditions. If you should decide to engage our services in marketing your home as a short sale, there will be no up front cost to you and you may cancel our listing contract at any time.

Bankruptcy