Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
happier2015

0 Contributions
0 People Helped
refiniance mortgage
I want to roll my second mortgage into my first mortgage and refinance. Where is the best place to do this if I filed Bankruptcy 2 years ago?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
82 Contributions
304 People Helped

It may be difficult...

You can get a loan after Chapter 7 bankruptcy and you do NOT have to wait 10 years, but you will have to wait for awhile.  Different loan types have different restrictions:

-For FHA or VA loans you must wait 2 years from the date of discharge

-For USDA loans you must wait 3 years from the date of discharge

-For Conventional loans you must wait 4 years from the date of discharge

...

Once these time periods have passed, you will then be able to apply for a mortgage, but you must still qualify for the mortgage loan.  That may be the tough part. You must be creditworthy (get that credit score back above 620) and as always, be able to show that you have a reasonable debt-to-income ratio and the ability to repay the loan.

-

Talk to your banker or mortgage broker and have a plan if you want to refinance.  Be realistic about what you will be able to qualify for and work now on repairing your credit score so you'll be able to take advantage of better rates.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.