People with discharged bankruptcy can get a home loan
Some specialist lenders will lend to people who have discharged their bankruptcy. Some specialist lenders will accept people who have been discharged from bankruptcy for a little as one day.
If you provide all of the income documentation requirements including tax returns (full doc) you may be able to borrow up to:
- 95% of the property value for property purchases; and
- 90% for refinances.
If you can provide some of the usual income documentation such as business bank statements (low doc) you may be able to borrow up to:
- 85% of the property’s value for purchases; and
- 80% for refinances.
You will need to meet all of the lender's normal assessment criteria including demonstrating that you have the capacity to make the repayments. Different lenders have their own specific criteria that you will need to meet.
Specialist lenders may charge a premium above standard discount interest rates offered by normal lenders. Some lender will have a set rate for this type of home loan whilst other assess their risk on a cases by case bases for each client and offer interest rates accordingly.
Even though you are not getting the best home loan interest rate on the market keep in mind that you will only need to stay with the specialist lender until you qualify with for a home loan with the normal lenders, at which time we can help you to refinance to a better home loan.
Why use a bad credit specialist mortgage broker?
The lenders and loans available for people with bad credit can vary widely is the terms, conditions and cost. By using an Oak Laurel mortgage broker bad credit loan specialist, we can guide you through the process and we could save you thousands of dollars. Talk to a home loan bankruptcy bad credit specialist today!