Get Mortgage Fast, Bad Credit No Problems

Are you in need of getting mortgage fast? Do you have bad credit? No problems! Believe it or not many mortgage companies can give your mortgage fast and bad credit is no problem. If you have bad credit, don't sell yourself short, you may still be able to get mortgage fast and your bad credit situations are no problems.

There are many misconceptions about the credit quality required to be able to get a mortgage loan. Bankruptcy and foreclosure are examples of the credit problems people think will definitely scar their credit score for years preventing them from borrowing and getting a mortgage.

Does bankruptcy prevent me from getting a mortgage?

Most people would answer yes. Most people believe that a bankruptcy on their credit report will prevent them from getting another mortgage for at least ten years. That is because a bankruptcy usually stays on your credit report for ten years, keeping your credit score low during that time. The good news is, this is not true.

When can I apply for a mortgage after a bankruptcy?

Many people who filed bankruptcy in the past often ask how long they have to wait before they apply for a mortgage. How many years you have to wait before you apply for a mortgage after you filed bankruptcy depends on the types of mortgage loans and the lenders. Even if you filed a bankruptcy a few years back, you may still be able to get a mortgage. Different lenders have different guidelines but in general if the bankruptcy has been discharged for four years or more and credit has been repaired over the period of time, most conventional mortgage lenders will consider your mortgage application just like any others.

When can I apply for a mortgage after a bankruptcy if I have FHA mortgage loan?

For FHA mortgage loans, two years after your bankruptcy is cleared and your credit score repaired, you can apply for another FHA mortgage loan and not be penalized. This is one of the main reasons why people go to FHA for mortgage loans - you can often get mortgage fast and bad credit cases are no problems.