Kentucky Mortgages, Rates & Bankruptcy

You can refinance a mortgage or purchase a home at low rates even after bankruptcy, if you know how, and if you have a mortgage professional that will work with you. Normally you can't get a low rate loan after bankruptcy but here is the best way to do it!

After bankruptcy, FHA and VA requires a two year waiting period for mortgages. A conventional mortgage company will require longer. You should wait this two years rather then obtain a mortgage from a high interest rate lender that charges prepayment penalties and high mortgage rates & costs.

After two years you will be eligible for several low rate mortgage programs. FHA has fixed rates mortgages, adjustable mortgages and buy down mortgages.

A Fixed Rate Mortgage will be the cheapest mortgage over the life of the loan. However, it may be your situation would warrant a different type of mortgage. Once I know your situation, I will make the best recommendation for you and explain to you the advantages for you. A Mortgage is just like a pair of shoes, you have to find the one that fits you best - not your neighbor!!

Adjustable Rate Mortgages (ARM) are mortgages where mortgage interest rates can change. FHA's ARM Mortgages have very low mortgage rates. FHA Mortgages will change no more than one percent each year and 5 percent over the life of the loan. FHA is better than most conventional mortgage ARMs which can adjust 2 percent each year and six percent over the life of the loan.

Buy down mortgages are an alternative to adjustable rate Mortgages. Buy down mortgages normally start at two percent below the mortgages note rate. The next year it will increase one percent and then the third year, the rate is adjusted to the normal mortgage rate.

There are many opportunities for you to obtain credit and mortgages even on poor credit or after a bankruptcy. But the key to getting mortgage loans after bankruptcy is paying on time.

Nancy Kaufman Thompson

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Have been cheated by a 125% mortgage or high rates? For free legal manual on lemon autos, bankruptcy, divorce, or how to get out of your lemon mortgage click on the lemon

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