Is there a mortgage company that will loan money just out of bankruptcy for a new home purchase?

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  1. Reply
    April 30, 2011 at 11:31 pm

    Hi Joan,

    Depends on which state you live in.

  2. Reply
    Darren Meade
    May 1, 2011 at 12:22 am

    Hello –

    Yes there are mortgages companies that will loan money after a bankruptcy and depending on the trustee, we have been able to help those during a BK.

    Here are some quick guidelines:

    100% LTV For Borrower One (1) Day Out of Chapter 7 BK

    Borrowers In Open Consumer Credit Counseling (CCC’S) To 100% LTV

    Open Forbearance? How About LTV’S Up to 80% With “B” Pricing

    No Score Programs with LTV’S Up to 90%
    on Owner/2nd Homes With LTV’S Up To 90%, Including 1 4 Family And Condos
    No (NIC) and Limited (LIC) Income Check Programs To 100% LTV

    The most important factor will be to show stability and ability to pay the mortgage. Given that you just came out of a bankruptcy you will want to make certain you do not lock yourself into any prepayment penalties. The reason being that 10-12 months after you get this new loan, your FICOS will have risen greatly and you will be able to refinance yourself into a much lower cost loan.

    Depending on your state, the prepayment penalties can be very expensive to non existent.

    Hope that helps, and please let me know if I could be of any further help.

    Kindest Regards,

  3. Reply
    Mike Moiner
    May 1, 2011 at 12:58 am

    Yes, Lordsman Financial in Costa Mesa, CA. specializes in these types of loans. Their # is 888 677-5423. They helped me get into a wonderful home.

  4. Reply
    Mortgage Planner
    May 1, 2011 at 1:19 am

    Most Definitlely. Depending on what the rest of your credit looks like, we can do a loan 1 day out of Bankruptcy. Bankruptcies are not as negatively impacting as they were 10 years ago. Again, it does depend on what other credit you have – meaning Positive/Good credit. Give us a call, we will be happy to help you. Premier Home Mortgage 760-244-2424.

  5. Reply
    john d
    May 1, 2011 at 2:04 am

    Have a look here.

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