Bankruptcy

Begin YOUR online
search NOW!!!


http://www.MinneapolisStPaulhomes.com

Bankruptcy

Mortgage Underwriting guidelines For Bankruptcy

January 29, 2010 by Financemyhome · 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

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!

Bankruptcy