NON-QM Loans After Bankruptcy With Bad Credit and Low FICO

Non-QM loans after bankruptcy and foreclosure allow homebuyers to purchase a home with no waiting period after bankruptcy and/or a housing event. There are mandatory waiting period requirements after bankruptcy, foreclosure, short-sale, and 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 housing event on government and conforming loans. NON-QM Loans After Bankruptcy and Housing Event is offered by Gustan Cho Associates.

Non-QM Lenders For Bad Credit

Gustan Cho Associates is a mortgage company licensed in multiple states with no overlays on government and conventional loans. A large percentage of our business is non-QM mortgages. Homebuyers do not have to wait years to qualify for a mortgage after bankruptcy, foreclosure, a deed in lieu of foreclosure, or a short sale. Buying a home with non-QM loans after bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale.

Mortgage After Bankruptcy And Housing Event

Fannie Mae and Freddie Mac are the two giant government-sponsored enterprises (GSEs). Fannie Mae and Freddie Mac set the guidelines for conventional loans. Fannie and Freddie are the two largest buyers of mortgages in the nation.

Fannie and Freddie will not purchase loans that do not conform to Fannie Mae and Freddie Mac agency guidelines. Fannie Mae and Freddie Mac set the mandatory waiting period after bankruptcy and foreclosure on conventional loans.

FHA Loan Requirements After Bankruptcy 

There is a two-year waiting period requirement after the Chapter 7 Bankruptcy discharge date to qualify for FHA loans. There is a three-year waiting period to qualify after foreclosure, a deed in lieu of foreclosure, and a 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 Loan Requirements After Bankruptcy

There is a two-year waiting period after the Chapter 7 Bankruptcy discharged date, foreclosure, deed in lieu of foreclosure, or 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.

Waiting Period After Bankruptcy On Conventional Loan

Below is the waiting period after bankruptcy and a housing event on conventional loans. There is a four-year waiting period after the Chapter 7 Bankruptcy discharged date, foreclosure, deed in lieu of foreclosure, or 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 are no waiting period requirements after bankruptcy and housing event. There are no maximum loan limits.

Non-QM Loans offer bank statement loans for self-employed borrowers where no income tax returns are required. A 10% to 20% down payment is required. The down payment requirement depends on the borrower’s credit scores and the seasoning of the bankruptcy and housing event.

Do Non-QM Mortgage Rates Higher Versus Conforming Loans?

NON-QM Mortgage Rates are higher than government and conventional loans. However, no private insurance is required. NON-QM Mortgage Rates depend on the borrower’s credit scores, down payment, and how long the bankruptcy and housing event has been seasoned.

Please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. Gustan Cho Associates team is available seven days a week, evenings, weekends, and holidays.

This blog on non-QM loans after bankruptcy was updated on November 22nd, 2022