Wondering whether you can secure a home loan after filing for Chapter 13 bankruptcy? We've got some good news for you! It's absolutely possible, and we're here to lay it out.
First of all, we want to assure you that filing for Chapter 13 bankruptcy isn't the end of your homeownership dreams; it's just a bump in the road. Life throws us curveballs sometimes, and Chapter 13 is a legal way to reorganize your finances while keeping your assets, including your home.
Once you've successfully completed your Chapter 13 repayment plan, you'll be in a better position to move forward and become a homeowner once again.
Patience Pays Off:
The key to getting a mortgage after Chapter 13 is patience. Typically, two years from the discharge date of your bankruptcy is needed before considering your application. During this time, focus on rebuilding your credit and saving for a down payment.
Rebuild Your Credit:
Your credit score plays a significant role in getting approved for a home loan. Start by checking your credit report for any errors and ensuring everything is accurate. Then, establish responsible financial habits, like making on-time payments, reducing outstanding debts, and keeping credit card balances low. Gradually, your credit score will improve.
Budget Wisely:
Creating a budget can help you manage your finances better. Determine how much you can comfortably afford to spend on a monthly mortgage payment. Lenders will look at your debt-to-income ratio, so having a realistic budget will be essential when applying for a home loan.
Save for a Down Payment:
Saving for a down payment is a crucial step in securing a home loan. While it's true that some loans require as little as 3-5% down, having a larger down payment can increase your chances of approval and help you secure a more favorable interest rate.
Explore FHA and VA Loans:
Federal Housing Administration (FHA) and Veterans Affairs (VA) loans are government-backed mortgage options that are more lenient when it comes to credit history. These loans can be an excellent choice, even if you've filed for Chapter 13 bankruptcy.
Consult a Mortgage Professional:
Work with us, your friendly and knowledgeable mortgage professional. We guide you through the process and help you find the best mortgage solution. We evaluate your financial situation and recommend the right loan options for you.
Remember, the road to homeownership after Chapter 13 bankruptcy may seem challenging, but it's definitely achievable. With patience, responsible financial management, and the support of knowledgeable professionals, you can rebuild your financial health and make your dream of owning a home a reality.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1660690
Individual NMLS: 1162957
www.nmlsconsumeraccess.org
This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC is not affiliated with any government agencies .These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. Copyright © 2020 NEXA Mortgage, LLC NMLS#1660690. AZMB#0944059. 3100 West Ray Rd Ste 201 Chandler, AZ 85226,
602-344-9333. www.NEXAMortgage.com NEXA Mortgage, LLC is an Equal Housing Lender. All rights reserved
563 Deer Valley Dr
Hixson, TN 37343
Phone: (423) 664-7423
dkolbus@nexamortgage.com
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