Getting a Home Loan After Bankruptcy

Student Loans Alberta - Getting a Home Loan After Bankruptcy

There are two issues that will be taken into inventory by the lender, they'll verify your wage and probably request a down payment.

Student Loans Alberta

Waiting period

There is a waiting duration you'll have to face after bankruptcy has been discharged. Most lenders will need that 3 years have gone by since the extraction before even inspecting granting you a loan. While this time you should make sure your bills are paid on time and you don't fall behind payments, so when you finally apply for a loan your prestige will have improved considerably and you'll be able to get a home loan without the need of money down.

Down Payment

If you intend to get a mortgage loan before this waiting period, you'll need to meet very correct requirements. You'll have to show that you haven't missed a particular payment nor you have late payments at all. You'll also be required to supply a down payment in order to get approved. You'll have to put as much as 10% of the asset value down. If you can't supply a down payment it is quite difficult to get approved but there are still other options.

You can always borrow the money from house or friends. You can always repay them since when you get the home loan you'll be able to request a home equity loan as you'll by then own the property. Bear in mind though, that some lenders are reluctant to accept down payments not raised directly by the applicant and you are obligated to report this information, so you might as well ask the lender before development such a move

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