Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy
Page 2There are ways to get a down payment for your mortgage besides having the money saved in the bank. Here are some ideas of ways to do that:
- Borrow or ask for a gift from relatives. After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives. Keep in mind that if you intend the money to be as a loan only from the relatives, you would need to disclose that to the lender before you close. Lenders usually have regulations about where the down payment is coming from and if you are not honest, it could be considered defrauding a lender.
- There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on “down payment assistance†with your favorite search engine.
- You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed.
Mortgage loans after bankruptcy are getting to be much easier to obtain these days. If you would like to see a list of our preferred bad credit mortgage lenders, visit this page: www.abcloanguide.com/lessthanperfectcredit.shtml.
Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy
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category - Home Buying Programs
Rural Community Development Initiative![](image not found)
The Rural Community Development Initiative can be awarded to legally qualified private, public, and tribal groups or organizations that have the experience and capability of providing training and technical assistance to nonprofit community-based housing and community development organizations, as well as low income rural communities.
Ohio Heroes Program for First Time Home Buyers in the State of Ohio![](image not found)
One of the most popular programs of the Ohio Housing Finance Agency is the Ohio Heroes Program which is exclusively intended for active military men, active reservists, veterans, firefighters, emergency medical technicians, paramedics, and several other individuals with noble professions.
Rehabilitation Mortgage Insurance Program![](image not found)
The Rehabilitation Mortgage Insurance Program intends to financially assist families as they repair or improve, purchase and improve, or refinance and improve their current residential properties that have been existent for more than a year.
Frequently Asked Questions about Buying Your First Home![](image not found)
The idea of buying a new home for the first time can be overwhelming for most people. It is probably the largest investment they have ever made, and the process itself seems downright intimidating. ...