Mortgage Loans after Filing Bankruptcy in Arizona

There is a misconception that filing bankruptcy will prevent you from getting a mortgage in Arizona.  There are lenders who can help!

The most crucial step in getting any type of loan, is to be upfront and honest about the situation when you speak to your lender in Arizona as providing false details can lead to your loan being denied.  To get  mortgage loan approval after filing Bankruptcy in Arizona,  borrowers will need to do following:

• Pay and make sure your debts are up to date or paid before applying
• Create a new line of credit by applying for secured credit cards.

One of the fates test ways  to re-build your credit is to purchase an automobile.  Automobile finance companies will in most cases find a program that will help you purchase an automobile, and in most cases, will  report your payment history to the credit bureaus.

• When you are comparing bankruptcy loans lenders, verify whether they your report payment history to the credit bureaus.
• You will need a considerably larger down payment when applying for loans after bankruptcy. Usually 20% in the minimum, depending on your credit score and how long it has been since you filed Bankruptcy in Arizona
• Be prepared to pay a higher rate. If you wish to get into a loan that falls outside Fannie Mae and Freddie Mac Guidelines, be prepared to pay. Rates range from 6 % to 16%, depending on your down payment and credit score.

Being able to obtain a mortgage after bankruptcy does not have to be difficult. In fact, there are many bankruptcy mortgage lenders in Arizona who actually specialize in providing mortgages to borrowers who have less than perfect credit.  If you are one who is facing problem for getting mortgage after bankruptcy or one who had less than perfect credit, please call 602-692-2380 and our Mortgage Loan Originators will set up a confidential consultation to discuss your options.

We are here to help as “We See Things Differently.”