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Updated by bhoffman on Sep 20, 2018
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8 Factors That Can Prevent You From Getting a Mortgage

There are many factors that can prevent you from getting a mortgage after bankruptcy, and Peoples Bank Mortgage wants to share the top 8. For example, some factors like credit score will typically be affected for up to 5 years after your bankruptcy discharge. As you can see above, your credit score is an important factor in your ability to get a mortgage after bankruptcy.

1

Credit Score (21%)

Errors from bankruptcy items that should be removed, as well as a lack of recent credit history. Ensure that you are making consecutive payments for the proper amount.

Mortgage After Bankruptcy - Our Guide | Peoples Bank Mortgage

Peoples Bank Mortgage specializes in mortgage after bankruptcy, allowing us to offer Chapter 13 home loans to those who have recently filed for bankruptcy.

3

Foreclosure/ Short Sale (18%)

Government and conventional loans have a very strict waiting period. However, portfolio loans offer a more flexible waiting period.(Read More)

4

Late Payments (15%)

Late payments on bills, credit cards, car loans, and mortgage can prevent a qualifying for a mortgage

5

Property Condition (13%)

Home must be free of peeling paint, in good working order, and must appraise for desired amount (More)

6

Lack of Savings (12%)

Adequate savings for down payment and reserves

7

Employment History (9%)

Proof of sufficient income, and history with employer

8

Liens on Title (9%)

Non-processed errors from your bankruptcy plan, that still remain

9

Other (3%)

A host of small issues that require expert mortgage advisers (more)