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About Joe Almirantearena
Expertise
I can provide all the mortgage information you need to make an informed decision about obtaining a mortgage in California.

Experience
I've been working in the Mortgage industry for ten years, helping people throughout California, with all types of credit, employment, and rental histories, secure home financing for purchase and refinance. I have dedicated my website to provide FREE mortgage and real estate information to California residents. Visit http://www.findmyloanonline.com
Publications
Fresno Famous

Education/Credentials
California Department of Real Estate

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > qualifying for conventional loan

Real Estate Home Mortgages - qualifying for conventional loan

Expert: Joe Almirantearena - 9/20/2009

Question
Just Friday 9/18/09 I was told by mortgage broker that all banks have gone to requiring 3 years after BK discharge to qualify for loan (90%) I have 2 yrs as of 5/07. Is this true of all banks or just the banks he represents? I will have to cancel the purchase.

Answer
Hi Maggie,
Your question points out an important part of the home buying process. One should always get pre-approved before they begin to look for homes to purchase. It saves them the time and frustration of not being able to buy a home they want, when the financing cannot come through. The conventional guideline is 4 years after a BK, and the FHA guideline is 3 years after a BK. This is true of all lenders that offer the conventional and FHA loan products. There are other loan products available to help you buy a home now, but that involves coming in with at least 30% for the down-payment plus closing costs. Good Luck!

For FREE California mortgage information, please visit http://www.findmyloanonline.com

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here