Colorado mortgage loans is committed to helping you find the right mortgage product for your needs in Fort Lupton. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
So you have been through a bankruptcy and surely have been told
to wait at least two years before applying for a home loan.
Waiting two long years without any guarantee of being approved
for a mortgage after bankruptcy can be disheartening.
Fortunately, this advice no longer holds true.
Today, there is a growing realization of the need to offer home
loan products that are specifically designed for borrowers with
an imperfect credit or financial history. Mortgage programs have
been created especially for borrowers who have gone through a
bankruptcy. In fact, those with a bankruptcy discharged for even
one day may apply for a home loan. That's right, if your
bankruptcy was discharged yesterday, you can qualify for a
mortgage today!
Now you are probably thinking that although you are eligible, it
will be difficult to qualify. The truth is that qualifying is
much easier than you think. The fact that you have been through
bankruptcy is not even considered in the evaluation of your
credit. Any liens, collections or judgments that appear on your
credit report will also not be used in the evaluation of credit
and will not need to be paid off.
What is important and what will be looked at is your credit
score. Now here is the good news: with a middle credit score of
500, you are qualified to purchase a home with a 20% down
payment. Having a credit score between 550 and 579 will allow
you to borrow up to 95% of the purchase price and with any score
above 580, you are qualified for 100% financing.
With the competitive rates that are available on mortgage after
bankruptcy programs, you are able to realize the dream of
homeownership with a mortgage payment that is affordable and
fits easily within your budget. Along with the traditional
benefits of owning a home, such as equity building and tax
benefits, you will most importantly be rebuilding your credit
profile. Additionally, you may also benefit from the current
strong housing market and its appreciating home values.
So now you know the following: that you can qualify for a home
loan today, what the credit requirements for a mortgage are, and
that you can rebuild your credit and financial life through
homeownership. Gone forever are the days of waiting two years
and living with the dim prospect of obtaining a mortgage after
bankruptcy. You have worked hard to discharge your bankruptcy
and have the fresh start that you were looking for.
There is empowerment that comes with the knowledge that you can
purchase a home today even if your bankruptcy was discharged
yesterday. So get qualified for a home loan, start searching for
a home and begin packing those boxes!
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Ascenteum
Mortgage is THE SOURCE for specialty mortgage products
including stated income loans, interest only loans, and
mortgages after bankruptcy.
For additional information, visit Ascenteum Mortgage => Mortgage after Bankruptcy
About the author:
Lee Seno is Director of Consumer Education for Ascenteum
Mortgage
www.ascenteum.com.