After bankruptcy has been filed people believe that becoming a homeowner is impossible for at least seven to ten years when bankruptcy is no longer viewed on a credit report. This is simply not the case at all. Bankruptcy loan underwriters and brokers are authorized by the federal Financial Services Authority to specialize in mortgages for those who have filed bankruptcy.
As little as 18 to 24 months after bankruptcy debts have been discharged, a person can qualify for a home loan. Your bankruptcy history is not nearly as important to a loan officer as your ability to make a down payment and your income stability are. Your debt to income ratio is really what can make or break your ability to purchase a home after bankruptcy.
There are some helpful ways to ensure that you will be able to purchase a home after bankruptcy. Following seven simple suggestions can assist you in credit recovery for home buying. The first suggestion is to get a copy of your credit report. It has been found that 80% of credit reports contain errors severe enough to reject your ability to receive home loan approval. Suggestion two is to have these derogatory credit items removed […]
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When you have become overwhelmed and over run by debt and you are loosing sleep over credit concerns where do you turn? There is help available through credit counselors and debt consolidation services. Instead of worrying over your credit and debt take charge and do something about it.
Many people will say that they could care less about their credit. They say this until they try to purchase a home, a vehicle or apply for a personal loan. The fact is credit does matter in our society. If you are worried about your credit here are some helpful tips in vanquishing your credit worries and replacing your credit woes with a goal of building solid credit for yourself.
Get yourself a copy of your credit report. You can do so through companies like Equifax, Transunion and Experion. Review your credit report for any mistakes. It has been found that 80% of credit reports contain incorrect information that can affect your loan approvals. Contact a firm such as Lexington Law to remove this misinformation and beware of credit repair scams from other companies. Gather non-traditional credit history information such as rental, cell phone and car insurance payments to shoe proof of positive payment […]
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A few days after you apply for a mortgage loan your phone starts ringing off the hook with calls from other lenders trying to offer you a better deal. You ask yourself, How did they get my number; I didn’t do business with them? When your credit report is pulled by a lender or broker, the request for your credit report triggers an alert, which informs the 3 major credit bureaus, Experian, Equifax and TransUnion, that you are a potential lead looking to purchase a home or refinance your existing loan. This process is called a “trigger lead.”
The credit bureaus sell these trigger leads to lenders and brokers who have subscribed to the service and provide them with a list of potential candidates who are looking for a loan and meet criteria such as consumers who have a certain credit score or have never filed for bankruptcy. Contact information such as applicant name, address and telephone number and the number of credit cards a consumer possesses is provided.
Many mortgage industry experts believe trigger leads are helpful. When a lender already has some basic information about you they can develop a plan to their advantage, and although the deal may sound […]
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