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ByAnngelli Abenes
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In this article, we’ll talk about reaffirming home loan after bankruptcy, a frequently inquired topic. Milwaukee-based Attorney James Miller of Miller and Miller LLC Attorney at Law is often consulted. It’s a common misconception among homeowners that filing for bankruptcy necessitates immediate eviction from their property. To clarify, here’s what James Miller outlines: Any non-exempt…
ByGustan Cho
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This guide covers the reasons for foreclosures. The ability to repay is the most important factor lenders consider when approving a home loan to homebuyers. Even if the homebuyer puts a substantial amount down for the down payment, lenders want to make sure the borrower can comfortably pay their mortgage payments on time. Lenders are…
ByGustan Cho
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If you have a mortgage included in a bankruptcy, the waiting period guidelines are more favorable on conventional versus FHA loans
ByGustan Cho
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In this blog, we will discuss and cover HUD waiting period guidelines after Chapter 13 on FHA loans. Why is it many lenders say there is a one or two-year waiting period after Chapter 13 discharge date? This is what many home buyers who are in a Chapter 13 Bankruptcy Repayment Plan want to know….
ByAlex Carlucci
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In this blog, we will discuss and cover qualifying for a VA loan with prior mortgage included in bankruptcy. VA home loans are the best mortgage loan program in the United States. Only active servicemen and women, retired veterans, reservists, spouses of deceased veterans, and National Guard members of our military with a valid Certificate…
ByRonda Butts
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As per the Fannie Mae Bankruptcy Guidelines for conventional loans, borrowers must follow a mandatory waiting period after filing for Chapter 7 or Chapter 13 bankruptcy before being considered eligible for a conventional loan. While it is possible for mortgage borrowers to obtain a loan post-bankruptcy, they must first satisfy the required waiting period to…
ByGustan Cho
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After experiencing financial difficulties, it can be overwhelming to navigate the intricacies of mortgage lending. The process can be complex and confusing, but it can be made easier with the right guidance and support. For those who have gone through Chapter 13 bankruptcy, it’s essential to comprehend how to reintegrate into the housing market. Fannie…
ByGustan Cho
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One of the frequently asked mortgage questions we get from home buyers is when is rental verification required by mortgage underwriters. Rental verification is an extremely strong credit tradeline that will add strength to the mortgage loan borrower’s credit profile. There are times when the Automated Underwriting System (AUS) will require borrowers to provide verification…
ByGustan Cho
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In this blog, we will discuss and cover the mortgage guidelines for getting qualified and approved for an FHA loan after Chapter 13 Bankruptcy in North Dakota. Gustan Cho Associates is a mortgage broker licensed in 48 states and is licensed in North Dakota. Bankruptcy is a fairly common legal option when one’s liabilities exceed…
ByGustan Cho
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The bankruptcy manual underwriting guidelines on FHA and VA loans are covered in this guide, which focuses on the exclusive mortgage programs that permit manual underwriting. Manual underwriting occurs when a borrower fails to receive an approve/eligible status via the automated underwriting system and necessitates human underwriter assessment. Dale Elenteny is a loan officer at…
ByGustan Cho
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This guide covers rebuilding credit during Chapter 13 Bankruptcy repayment plan. Rebuilding credit during Chapter 13 Bankruptcy is highly recommended for those who want to purchase or refinance their current home. Consumers do not have to wait until Chapter 13 Bankruptcy has been discharged to re-establish their credit. To qualify for a mortgage with an…
ByGustan Cho
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This article will discuss the FHA Waiting Period After Bankruptcy and Foreclosure. The FHA mandates waiting periods after bankruptcy, foreclosure, and short sales for loan qualification. HUD guidelines specify these waiting periods. FHA loans target individuals with low to moderate incomes, aiding first-time homebuyers with limited credit or financial history. Dale Elenteny, a senior loan…
ByRonda Butts
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Qualifying for a conventional loan after foreclosure presents more challenges than government loans. However, homebuyers can qualify for a conventional loan after experiencing foreclosure and bankruptcy. There are specific waiting period requirements that must be met. To qualify for a conventional loan post-foreclosure, borrowers must have a minimum credit score 620. Additionally, debt-to-income ratios can…
ByGustan Cho
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In this blog, we will cover and discuss FHA guidelines on late payments after bankruptcy. Borrowers are often confused with FHA guidelines on late payments after bankruptcy due to being turned down for an FHA Loan if they have late payments after bankruptcy. Recent late payments in the past 12 months are not good. You can…
ByGustan Cho
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This guide covers late payments after Chapter 13 bankruptcy mortgage guidelines. Mortgage lenders do not want to see any late payments after Chapter 13 bankruptcy from mortgage loan applicants. Homebuyers can qualify for an FHA loan after Chapter 13 bankruptcy. There is no waiting period to qualify for VA or FHA loans after the Chapter…
ByGustan Cho
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This guide covers how bankruptcy affects mortgage approval and the waiting period after discharge date. Bankruptcy is a great tool for people to utilize if they are drowning in debt and want a fresh financial start in life. Two of the most common types of consumer bankruptcy is Chapter 7 and Chapter 13 bankruptcy. Mortgage…
ByGustan Cho
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In this blog, we will discuss and cover Freddie Mac bankruptcy guidelines on conventional loans. Mortgage borrowers can qualify for government and conventional loans after bankruptcy. However, government and conventional loans require a waiting period after bankruptcy. The waiting period requirements depend on the individual mortgage program. Gustan Cho Associates offer non-QM mortgages one day…
ByGustan Cho
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In this article, we’ll explore the process of Qualifying For FHA Loan During Chapter 13 Bankruptcy. Homebuyers can secure an FHA loan even during their Chapter 13 Bankruptcy repayment plan before the discharge of the bankruptcy. After completing one year into the repayment period, individuals may become eligible for an FHA loan, whether seeking to…
ByDale Elenteny
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In this blog, we will discuss and cover mortgage after foreclosure with no waiting period with non-QM loans. Non-QM loans are alternative mortgage loan programs that do not have to meet government or conforming mortgage loan guidelines. Non-QM loans are portfolio loans. Wholesale non-QM mortgage lenders can set their lending guidelines. Non-QM mortgage lenders can…
ByGustan Cho
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This guide cover the FHA guidelines during vs after Chapter 13 Bankruptcy on FHA loans. VA and FHA guidelines during vs after Chapter 13 Bankruptcy is similar. You are eligible to qualify for a VA or FHA loan during Chapter 13 Bankruptcy one year after filing the Chapter 13 Bankruptcy. The major difference between VA…
ByAlex Carlucci
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This guide covers approved mortgage after short sale in Chicago FAQ and answers. Ronda Butts covers getting approved for a mortgage after short sales in Chicago. Interview with Jeff Wolff, President of Illinois Distressed Property Solutions. Jeff has been in the business for over 15 years. He negotiated hundreds of short sales with multiple lenders….
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