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How Soon After A Derogatory Event On My Credit Can I Apply For A Conventional Loan?

Derogatory Event Waiting Period Requirements Bankruptcy—Chapter 7 or 11 4 years Bankruptcy—Chapter 13 2 years from discharge date, or 4 years from dismissal date Multiple Bankruptcy Filings 5 years if more than one filing within the last 7 years Foreclosure 7 years Mortgage Modification 4 years Short Sale(Deed in lieu of foreclosure) 2 years

Advantages of using a mortgage broker over a bank

In seeking a mortgage, an individual needs to decide whether to apply to a bank or to use a mortgage broker. Over half of all Americans enlist the services of a mortgage broker to find them the best terms and rates. Why? Brokers provide consumers with: Choice of Mortgage Porgrams Mortgage brokers have regular contact … Read more

Can I borrow money to build a house?

Unfortunately, currently no construction, or construction-to-permanent loans are available through BIZ Inc., The only exception are some instances of VA (Veteran Administration) loans.

How much can I borrow?

Your current income (which includes commission, bonuses, overtime – i.e. any additional money that is subject to tax) will determine how much you can borrow. Some lenders calculate borrowing ability by a straightforward multiple of your income while others will work out your net disposable income and then allow you borrow a percentage of that. … Read more