After Bankruptcy Mortgage Lenders BC
Bankruptcy mortgage lenders min requirements. For best results strive for higher than min requirements.
- Min 5% down payment (More is preferred)
- 2 Years Discharged Bankruptcy (if you have more than 25% down we have options 1 day after discharged)
- 2 Trades (two forms of established credit) banks have different requirements for credit limits required.
- Debt Servicing must exceed lenders minimum requirements. (This means that you can’t look to apply for the maximum you can afford under traditional guidelines)
Bank After Bankruptcy Mortgage Lenders BC
After bankruptcy high ratio mortgages are the most difficult to qualify due to both the bank & the mortgage insurances requirements. Lenders want to see you exceed min expectations.
- Lenders min requirements are between 5% & 20% down payment
- 2 years to 3 years discharged
- 2 trades reestablished (some lenders have a min limit to the new trade lines.) ie. $5,000 of available credit
- Bankruptcy Mortgage Rates: Best Rate to 0.05% to Case By Case (call for more details)
Alternative After Bankruptcy Mortgage Lenders BC
After bankruptcy mortgage options are B-Lending or Sub Prime. These lenders offer very competitive mortgage rates. If you have 25% or more for a down payment all that is required is a current qualifying credit rating & employment income confirmation.
After Bankruptcy Private Mortgage Lenders BC
The final option is Private Mortgage financing. These lenders are used due to the applications inability to meet all other lenders guidelines. Private Mortgage lenders look at things like:
- LTV (Loan to Value)
- Bank statements
- recent property appraisals
- employment letters
A bankruptcy mortgage in the private market should only be a short term solution. Conventional mortgage options are available once you have demonstrated your ability to make your mortgage payments on a timely basis and credit issue have improved.
If you think a BC Bankruptcy Mortgage may solve your financial needs please feel free to call to find out about Bankruptcy mortgage rates.
Toll free 1-877-744-3436
Available 9 AM To 9 PM
7 Days a Week.
For more information on mortgage rates
Please take the time to read tips on how to improve your credit