How The NAR Settlement Affects VA Home Buyers
How The NAR Settlement Affects VA Home Buyers https://www.youtube.com/watch?v=pY5EG1q5NW0 The National Association of Realtors settled the commission lawsuit on March 15, 2024. Here are the
Carlos Scarpero- Dayton and Cincinnati Ohio Mortgage Broker
Chapter 7 bankruptcy is one where you get all your debts removed.
This can be hard on your credit in the short run, but sometimes it is your best option.
But, it’s not a deal breaker when getting a mortgage.
FHA mortgage loans are your best option when you have a bankruptcy on your credit.
Your FHA mortgage application needs to be at least 2 years after the Chapter 7 bankruptcy discharge date.
If you filed for a Chapter 13 bankruptcy, you can get a FHA mortgage in as little as one year after the bankruptcy was filed. The bankruptcy does not need to be discharged to get approval. Additionally, court approval is required if the bankruptcy is not yet discharged.
With a Chapter 13 that has not been discharged for at least 2 years, manual underwriting is required and additional scrutiny will apply to the file.
Note: If you gave up your home in a foreclosure in the bankruptcy period, there may be additional time needed. The rule on a foreclosure is 3 years. Reach out to us and have us research this for you.
After the discharge, you will need to work on getting the score back to a 580 or higher. Do this ASAP after your bankruptcy is discharged.
Here are some of the easiest credit cards to get after a bankruptcy are secured cards from Capital One or Discover, the National Credit Direct Card and the Fingerhut card.
Credit Builder loans from Self Lender are also a great option.Click here to see if you qualifyYou may also want to consider becoming an authorized user on a card or two with a family member.
Once the credit is built back up and 2 years has passed, let’s chat about your mortgage needs.
How The NAR Settlement Affects VA Home Buyers https://www.youtube.com/watch?v=pY5EG1q5NW0 The National Association of Realtors settled the commission lawsuit on March 15, 2024. Here are the
Can You Buy A Mixed-Use Property With A VA Loan? https://www.youtube.com/watch?v=hS0IY-4R8JY Are you considering using your VA home loan benefit to purchase a mixed-use property?
Who Should Refinance In December, 2023? https://www.youtube.com/watch?v=sZAW0egRgcs Who needs to refi right now? We have experienced a market where rates are finally dropping. Yea!