Question by CuriousOne: What’s the best way to find a mortgage after bankruptcy?
I claimed bankruptcy about 4 years ago and am not ready to purchase a home. What web sites or mortgage lenders should I target to obtain a loan? What should I expect as far as interest rates and fees?
Best answer:
Answer by KuteKaboose
If it has been 4 years since your bankrupcy and IF your credit score is now good you won’t be penalized and should have the interest rate that corresponds with your current credit score.
If your credit score is not great than consult a mortgage broker or banker and ask for free advice to help bring your credit score up. Many times within 6 months to a year you can have your credit score back up.
DO NOT go to online lenders. Go to local banks and mortgage brokers. Ask around from friends and family for referrals. Local lenders have great first time home buyers programs and other programs that are fabulous.
I am a Realtor and have a ton of bad experiences with clients who have went with online brokers. And don’t try to purchase a home without a Realtor. They offer a lot of knowledge and help. They are a free service to you the buyer.
Give your answer to this question below!
Question by schlum l: Do you need to be upside down to some degree to qualify for a freddie harp 2 loan?
what percentage would you need to be to qualify?
Best answer:
Answer by Bob
You do not need to be at all upside down to qualify for a Freddie HARP 2 loan. If your LTV is 80% or less, price you may qualify for conventional financing or HARP, help and you should compare rates and terms for to see which is best for your situation. Most HARP loans will not require an appraisal, case so your costs can be lower and your processing time quicker.
The HARP program has no minimum or maximum LTV requirements, but many lenders have their own additional requirements. Many lenders are choosing to limit LTV to 105%, and the lender I work for has a limit of 150%. If your lender can’t help you should shop around for one who will.
http://www.fhfa.gov/webfiles/22723/HARP%20release%20102411QandA%20Final.pdf
What do you think? Answer below!
Freddie Mac just issued an update on Sept. 14th which included an update on HARP loans with a LTV under 80%. The new regulation, which goes into effect Nov. 19 2012, allows for the Same Servicer (Original Lender/Current Servicer) to process a loan with a LTV under 80%, with the same less stringent rules used for a LTV over 80%.
There is no maximum CLTV. However, if your LTV is under 80%, and this is your only loan, I do not believe that you will be able to find a HARP loan.
I suggest that you speak to your lender about your refinance possibilities. Remember, even if you are eligible for a HARP loan, according to the MHA program and Freddie Mac’s guidelines, a lender does not have to give you the loan. The lender can establish stricter guidelines.