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NON-QM Loans After Bankruptcy With No Waiting Period Requirements

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NON-QM Loans After Bankruptcy With No Waiting Period Requirements

This BLOG On NON-QM Loans After Bankruptcy With No Waiting Period Requirements Was PUBLISHED On May 14th, 2019

There are mandatory waiting period requirements after bankruptcy, foreclosure, short-sale, deed in lieu of foreclosure with government and conventional loans.

  • Until the launch of non-qm loans, home buyers were required to meet the mandatory waiting period after bankruptcy and/or housing event on government and conforming loans
  • NON-QM Loans After Bankruptcy and/or Housing Event is offered by Gustan Cho Associates at Loan Cabin Inc.
  • Gustan Cho Associates at Loan Cabin Inc. is a direct lender with no overlays on government and conventional loans
  • A large percentage of our business are non-qm mortgages
  • Home buyers do not have to wait years to qualify for a mortgage after bankruptcy, foreclosure, deed in lieu of foreclosure, short-sale

In this blog, we will discuss buying a home with non-qm loans after bankruptcy, foreclosure, deed in lieu of foreclosure, short-sale.

Mortgage After Bankruptcy And Housing Event

Home buyers can qualify for a mortgage after bankruptcy and/or housing event.

  • However, to qualify for a government and/or conventional loan after bankruptcy, foreclosure, deed in lieu of foreclosure, short-sale, borrowers need to meet the minimum waiting period requirement mandated by FHA, VA, USDA, Fannie Mae, Freddie Mac
  • This often put the brakes on home buyers who are capable of purchasing a new home after bankruptcy, deed in lieu of foreclosure, short-sale
  • Many potential home buyers lost good deals on a home in the past few years prior to the launch of non-qm loans due to the waiting period requirements
  • Real estate prices have appreciated in most parts of the country
  • There are no more barriers in qualifying for home loans after bankruptcy and/or foreclosure

Qualified homebuyers can qualify for non-qm loans after bankruptcy, foreclosure, deed in lieu of foreclosure, short-sale with no waiting period requirements.

Waiting Period Requirements On Government And Conventional Loans

In this paragraph, we will discuss the mandatory waiting period requirements on government and conventional loans:

FHA Loans:

  • There is a two-year waiting period requirement after Chapter 7 Bankruptcy discharge date to qualify for FHA Loans
  • There is a three-year waiting period to qualify after foreclosure, deed in lieu of foreclosure, short-sale for FHA Loans
  • Borrowers can qualify for FHA Loans one year into their Chapter 13 Bankruptcy Repayment Plan with Trustee Approval
  • There is no waiting period to qualify for FHA Loans after a Chapter 13 Bankruptcy discharge date

VA Home Loans:

  • There is a two-year waiting period after Chapter 7 Bankruptcy discharge date, foreclosure, deed in lieu of foreclosure, short-sale to qualify for VA Loans
  • Borrowers can qualify for VA Loans one year into their Chapter 13 Bankruptcy Repayment Plan with Trustee Approval
  • There is no waiting period to qualify for VA Loans after a Chapter 13 Bankruptcy discharge date

Conventional Loans:

  • There is a four-year waiting period after Chapter 7 Bankruptcy discharge date, foreclosure, deed in lieu of foreclosure, short-sale to qualify for Conventional Loans
  • There is a seven-year waiting period to qualify for conventional loans after a standard foreclosure
  • There is a two year period to qualify for conventional loans after a Chapter 13 Bankruptcy discharge date
  • There is a four-year waiting period after a Chapter 13 Bankruptcy dismissal date to qualify for conventional loans

NON-QM Loans After Bankruptcy And Housing Event Mortgage Guidelines

Non-QM Loans are alternative financing mortgage programs. There is no waiting period requirements after bankruptcy and/or housing event. There are no maximum loan limits. Non-QM Loans offer bank statement loans for self-employed borrowers where there are no income tax returns required. 10% to 20% down payment is required. The down payment requirement is dependent on borrower’s credit scores, and the seasoning of the bankruptcy and/or housing event. NON-QM Mortgage Rates are higher than government and/or conventional loans. However, no private insurance is required. NON-QM Mortgage Rates depends on borrower’s credit scores, down payment, and how long the bankruptcy and/or housing event has been seasoned. Please contact us at Gustan Cho Associates at Loan Cabin Inc. at 262-716-8151 or text us for faster response for more details on our non-qm mortgage programs. Or email us at gcho@loancabin.com.

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