The FHA rules state that you must wait at least 2 years after filing a chapter 7 bankruptcy. Some banks may require a longer time to pass, but many FHA lenders will approve an application only after 2 years. For a chapter 13, you only need to wait until you have successfully made 12 months of payments.
Regarding this, can I buy a house with a bankruptcy on my record?
To qualify for a traditional mortgage, which may give you the best rate, you must meet the following requirements: have been discharged from bankruptcy for at least two years and one day. have at least one year of re-established credit showing on two credit items (credit card, car lease, loan, etc.)
Also question is, how do you get approved for a portfolio loan?
Who is a portfolio loan right for?
- are self-employed;
- have tarnished credit history, such as previous bankruptcy, foreclosure, or other issues;
- earn a high income or have high net worth but a low credit score;
- are buying a property that won’t qualify for traditional loan programs because of its condition;
How many years after bankruptcy can you get a conventional loan?
How many years after bankruptcy can you get an FHA loan?
How much can I borrow against my portfolio?
As long as you have at least $10,000 in your brokerage account, you can borrow up to 35% of the portfolio’s value. For example, if you have $10,000 in your account, you can borrow $3,500.
How much does a double wide trailer cost?
As the name suggests, a double-wide trailer is meant to be twice the size of a single-wide mobile home. Their square footage ranges from 1,000 to 2,300. An average double-wide trailer is 56 x 26 feet and it costs about $75,000.
How soon after a Chapter 13 can I buy a house?
If you want to buy a house after Chapter 13 discharge, there’s no waiting period for an FHA, VA, or USDA loan (provided you meet loan requirements). For a conventional loan, there’s a 2-year waiting period after Chapter 13 discharge.
How soon can you get a loan after Chapter 7?
The waiting period for a conventional loan after bankruptcy is: Chapter 7 – Four years after discharge date. Chapter 13 – Two years. If the case is dismissed, which happens when the person filing for bankruptcy doesn’t follow the plan, it’s four years.
Is it hard to get a portfolio loan?
While in many cases, a lower credit rating may be acceptable, in some cases, it is actually more difficult to obtain a portfolio loan. … In many cases, portfolio lenders allow the use of stocks as collateral for the loan. There will be specific criteria, however, that these stocks must meet.
What credit score do you need for a portfolio loan?
Borrowers with low credit scores are considered: The portfolio lender can decide the level of risk it wants to take with a borrower. Because of this, it can consider lending to borrowers with any credit score. However, most lenders still require credit scores above 620 for commercial or investment properties.