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Re: Where can I get a mortgage loan after BK?
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Posted by Tami (66.94.78.102) on August 27, 2003 at 13:57:02:
In Reply to: Where can I get a mortgage loan after BK? posted by toughLife on August 27, 2003 at 13:35:09:
There are literally hundreds of institutions out there. It is possible to get loan after BK. Here's you problems though. FannieMae, FreddieMAc and FHA are investors that back ALL conforming loans (bank type loans, lower rates, no prepayment penalties). Their guidelines on financing are two years MUST after passed from the discharge date and have some re-established credit. You are so close to that two year mark, I would wait. If not please be careful there are people out there just waiting for you to walk in the door and hand you a high interest loan and charge you way to much. Explore ALL your options and research EVERY company you think you might work with. try to find some that offers a "band-aid" program. Basically this is a loan offer that helps you get to where you want be (better loans=lower rate no prepayment penalty) they help with fixing your credit (making sure all your accounts says included in BK on your credit report, which almost always never happens) and they offer a two step loan that has little or no recurring fees the 2cd refinancing time. Good luck!
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