Sub-prime fallout effects?

[progressive816]

Will the Sub-prime mortgage fallout make it harder for persons who have filed BK obtain loans in the future?

[JollyGG]

Will the Sub-prime mortgage fallout make it harder for persons who have filed BK obtain loans in the future?

Imediatelly after BK - yes. A number of our members are finding that some non traditional loans (ie. 100%) just are not there right out of bk anymore.
Anytime 2+ years after BK -no. Once two years have passed you qualify for pretty much traditional loans.

[MTG_BANKER_OH]

Will the Sub-prime mortgage fallout make it harder for persons who have filed BK obtain loans in the future?

It still can be done less then 2 years but the rates are very bad like 11-12% with no money down.

There is one program out there that bank of america offers called the Community Accomodation loan where they will allow less then 2 years from BK or FC. Your scores are going to have to be pretty good also. You have to buy in certain census tracts, some may be considered depressed areas, in your town and you have to be approved through their system so there is no gurantee. They only offer it in a limited number of states. I do not have much experience with it since they do not offer the program in Ohio where I do 90% of my business.


Currently 2 years out on CH. 7 is the standard but it is hard to predict, everything is tightening up currently and some people that were approved 2 months ago may not be approved now.