Yes You Can Buy A Home Quicker With A Bankruptcy!

May 24, 2012
By Orfelia M. Mayor, Esq. on May 24, 2012 12:49 PM |

House in hands.jpgFHA home loans were designed to help Americans fulfill their dream of home ownership and are therefore the easiest type of real estate mortgage loan to qualify for. They require a minimum down payment (3%) and is the most flexible type of home mortgage loan available. A bankruptcy does not keep you from qualifying - on the contrary, it will probably get you into a home faster than waiting 7 years for bad credit to drop off.

THE ESSENTIALS FOR QUALIFYING
• Steady employment history, at least two years with the same employer.
• Consistent or increasing income over the past two years.
• Credit report should be in good standing with less than two thirty day late payments in the past two years.
• Any bankruptcy on record must be at least two years old with good credit for the two consecutive years. (At least 3 credit lines and NEVER late on a payment)
• Any foreclosure must be at least three years old with good credit for the past three years.
• Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
• If you can answer YES to these statements you should have no problem qualifying for an FHA home mortgage loan.