ALABAMA MORTGAGE LENDERS – 1 DAY AFTER FORECLOSURE – SHORT SALE – BANKRUPTCY- FORECLOSURE
ALABAMA MORTGAGE LENDERS PAGES FOR BUYING AFTER FORECLOSURE OR BANKRUPTCY!
PORTFOLIO- PRIVATE ALABAMA MORTGAGE LENDER APPROVALS!
- Purchase 1 day after bankruptcy, foreclosure, short sale and deed in lieu of ALABAMA foreclosure up to 3 million. These are not subprime loans, but they do often have higher interest rates, and higher closing costs.
- ALABAMA Portfolio mortgage lender offer private ALABAMA mortgage loan approvals are looking at other compensating factors to approve these loans. Examples include 12 months timely rental history, high credit scores, lower loan to value (larger down payments), and reserves (future ALABAMA mortgage payments in the account at closing).
ALABAMA Portfolio Mortgage Lenders Require A minimum 550 credit score.
FHA- FHA MORTGAGE LENDERS AFTER BANKRUPTCY APPROVALS!
- Chapter 13 Bankruptcy-You may apply for a bad credit ALABAMA FHA mortgage after your bankruptcy has been discharged for 12 Months or (1) year with a Chapter 13 Bankruptcy. You must have 0 x 30 day late payments, and permission from the chapter 13 trustee.
- Chapter 7 Bankruptcy- You may apply for a bad credit ALABAMA FHA mortgage after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy. You may apply for an FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
- Foreclosure – You may apply for a bad credit ALABAMA FHA mortgage insured loan THREE (3) years after the ALABAMA Foreclosure sale/deed transfer date. You may have to search county records office to locate the deed in order to count a full 3 years.
- Short Sale / Deed in Lieu– You may apply for a bad credit ALABAMA FHA mortgage insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now.You may have to search county records office to locate the deed in order to count a full 3 years.
- Credit must be re-established no late payments in past 12-24 months, depending on bad credit situation. hardship
- Application Date must be after the above waiting period to be eligible for FHA financing after hardship.You may have to search county records office to locate the deed transfer out of your name fin order to count a full 3 years.
ALABAMA FHA Mortgage Lenders Require A minimum 580 credit score.
VA- ALABAMA VA MORTGAGE LENDERS
- Chapter 13 Bankruptcy – Once you have finished making all payments satisfactorily, the ALABAMA mortgage lender may conclude that you have reestablished satisfactory credit.
- If you have made at least 12 months of timely payments and the Trustee or the ALABAMA Bankruptcy Judge approves of the new home purchase, the ALABAMA mortgage lender will approve financing after a chapter 13 bankruptcy.
- Chapter 7 Bankruptcy – You may apply for a VA mortgage loan TWO (2) years after an ALABAMA chapter 7 Bankruptcy.
- Foreclosure / Deed in Lieu – You may apply for a VA mortgage loan TWO (2) years after an ALABAMA foreclosure.
- Short Sale – VA does not recognize a short sale as a derogatory event, however, most ALABAMA mortgage lenders do. Most lenders will require a full 2 years after the deed was transferred out of your name and you re-establish credit.
- Credit must be re-established with a minimum550 credit score
- Application Date must be after the above waiting period to be eligible for VA mortgage after hardship.
ALABAMA VA Mortgage Lenders Require A minimum 550 credit score.
USDA- ALABAMA USDA MORTGAGE LENDERS
- Foreclosure – You may apply for a USDA rural loan THREE (3) years after an ALABAMA Foreclosure.
- Bankruptcy – You may apply for a USDA rural loan THREE (3) years after the discharge of Chapter 7 or 13 ALABAMA Bankruptcy.
- Short Sale / Deed in Lieu of Foreclosure – ALABAMA mortgage lenders require 3 years after an ALABAMA foreclosure.
ALABAMA USDA Lenders Require A minimum 550 credit score.
CONVENTIONAL– ALABAMA MORTGAGE APPROVALS!
- Foreclosure – You may apply for a ALABAMA Conventional mortgage, Fannie Mae loan (7) SEVEN years after the sale date of your ALABAMA foreclosure.
- Bankruptcy– You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, TWO (2) years from the discharge of a Chapter 13
- Short Sale / Deed in Lieu of Foreclosure–Waiting period for ALABAMA foreclosure that was included in Bankruptcy If mortgage is included in Bankruptcy, waiting period defaults to FOUR (4) from the discharge date. ALABAMA Short Sale or Deed in Lieu of ALABAMA Foreclosure not included in a Bankruptcy has a new Waiting Period of FOUR (4) years from date your name is removed from title. This replaces the ability to buy in 24 months with 20% down payment and minimum 680 credit score.
ALABAMA Conventional Lenders Require A minimum 620 credit score.
ALABAMA BAD CREDIT MORTGAGE LENDERS PROGRAMS INCLUDE:
- FHA Bad Credit Mortgage Lenders
- VA Bad Credit ALABAMA Mortgage Lenders
- USDA Bad Credit ALABAMA Mortgage Lenders
- Jumbo Bad Credit ALABAMA Mortgage Lenders
- Hard Money Bad Credit Hard Money Lenders
- Condominium ALABAMA Bad Credit Mortgage Lenders
- Town House ALABAMA Bad Credit Mortgage Lenders
- Manufactured Home ALABAMA Bad Credit Mortgage Lenders
- Non Warrant-able Condo ALABAMA Bad Credit Mortgage Lenders
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