New Home Construction Loans After Bankruptcy

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New Home Construction Loans After Bankruptcy


Apartment Listing  

Have you declared bankruptcy in the recent past? Are you suffering from poor credit rating because of this and you need a loan for your home that you are not getting because of this? Do not lose heart as there are several options that you can try to get a home loan after bankruptcy.

First and foremost is the fact that you need to declare your credit rating to the lender. In case your credit score is more than 600, it is quite possible that you get a mortgage where you do not have to make any down payment. Further, if you have a delinquent account, you can also get financing from any of the lenders who deal in such purposes. The point here is that having poor credit score or having filed for bankruptcy does not mean that it is the end of the road for you. There are several options available to you in these cases and all you need to do is search for the option that suits you the most.

In many cases, you can get a home loan the day after discharge from the bankruptcy court and in these cases, you can get easy access to credit without having to go through the hassle of knocking on the doors of lenders with a sense of despair. Usually you have to wait for period of one to two years before you can apply for a loan.

The home loan that you get after bankruptcy is dependent on a number of variables that include the amount of time that has elapsed since you were discharged and the credit rating at the time of bankruptcy and your credit history prior to that.

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New Home Construction Loans After Bankruptcy