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 August 29h, 2019

NON-QM Loans After Bankruptcy
Gustan Cho Associates

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
  • Homebuyers 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

what is Mortgage After Bankruptcy And Housing Event

Homebuyers 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

what are 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 discharged 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 discharged date

VA Home Loans:

  • There is a two-year waiting period after Chapter 7 Bankruptcy discharged 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 discharged date

Conventional Loans:

  • There is a four-year waiting period after Chapter 7 Bankruptcy discharged 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 discharged 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

What are 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 a faster response for more details on our non-QM mortgage programs. Or email us at gcho@loancabin.com.

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