If you talk to any real estate professional, before you even step foot into a home, they will tell you that you should be pre-approved for a mortgage first. There are many reasons why being pre-approved is so important, and some of them you may have not thought about. Even when you refinance in UT, you will save time if you can get pre approved.
After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.
If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved. There are ways to get a down payment for your mortgage besides having the money saved in the bank.
There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on “down payment assistance” with your favorite search engine.
You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed. Mortgage loans after bankruptcy are getting to be much easier to obtain these days. Even if you have a bankruptcy you can also refinance in UT or any other state.
Want to find out more about home refinance UT, then visit Harry Kirkland’s site on how to choose the best information forrefinance in UT.