Yes, you may be able to refinance your home after bankruptcy, although you may have a waiting period. And you’re more likely to get a government-sponsored FHA loan rather than a conventional loan. To boost your odds significantly, focus on repairing your credit, steering clear of piling on more debt and, if you filed a Chapter 13 bankruptcy, sticking to your repayment plan.
For starters, if you are underwater on your mortgage, meaning your mortgage amount is higher than the value of your home, your only refinance opportunity will be through the harp program. fannie mae and Freddie Mac The earliest you can get a new mortgage guaranteed by Fannie Mae or Freddie Mac following a bankruptcy is two years.
Maximize Your Home’s Value. When it comes to refinancing after bankruptcy, you need to face the reality that you’re probably not going to qualify for prime rates. Building up as much equity as possible can help you get the most bang for your buck on a refinance loan.
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If you live in a rural area, you may qualify for a USDA mortgage three years after your bankruptcy discharge. It’s important to note that while the USDA provides loans to rural residents it’s only for property that will serve as the borrower’s primary residence. The USDA will not finance the purchase of income property or a vacation home.
Home Loans After Bankruptcy – If you are looking for financial support to buy new home or your monthly payment of an existing loan is too high for you then our mortgage refinance service is the right place for you.
fha renovation loan rates Alternatively, you could apply for a no-equity-needed FHA Title 1 loan – or the FHA 203K loan if you’re buying or refinancing a fixer-upper. Keep in mind, though, that the Title 1 loan is capped at just $25,000 for single-family homes. And the 203k requires lots of paperwork and processing time.
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Refinancing your home loan is possible during a Chapter 13 bankruptcy and may even help you meet repayment obligations sooner than the requisite three to five years. However, you’ll need to meet the lender’s refinancing requirements, notify your Chapter 13 trustee and follow Chapter 13 laws for incurring new debt.
Refinance · Consolidate Debt · Get Cash · MIP. Beyond success story #1: A New Home One Year After Bankruptcy. Previous Next. Beyond.