| If your a homeowner whose looking into refinancing | | | | Sub Prime Loan Options |
| your mortgage after going through a bankruptcy, you | | | | The sub prime loan option has long been a option for |
| have a few different options. These options depend | | | | homeowners who have a bankruptcy on their credit |
| on things such as, how long ago the bankruptcy | | | | report, but still wish to refinance their home loan. By |
| occurred, and if your credit has been repaired or | | | | using a sub prime loan option, your credit problems are |
| re-established in any way since your bankruptcy. Here | | | | overlooked, and you will be allowed to refinance your |
| are some mortgage refinance options for you: | | | | home with less equity than other mortgage lenders |
| Different Home Mortgage Refinancing Options and | | | | typically allow. These loans are becoming harder and |
| Lenders | | | | harder to find, but with enough effort you will be able |
| FHA Home Loan Refinancing Options | | | | to locate a lender who is able to work with you. Keep |
| Typically, the best option for a homeowners who has | | | | in mind that these loans have a higher interest rate and |
| recently gone through a bankruptcy is a FHA Home | | | | more closing costs and fees and should only be used |
| Loan. Recently though, the FHA has enacted more | | | | as a last resort. |
| stringent credit requirements such as a minimum credit | | | | A Conventional Home Loan Refinance |
| score of 580, while some lenders still require a credit | | | | If your bankruptcy has been over and done with more |
| score of 620. Also, one of the best parts of an FHA | | | | than four years ago and has since been discharged, |
| loan refinancing as opposed to getting a sub prime | | | | and your credit rating has improved you can apply for |
| loan, is that the rates are usually much lower with an | | | | a conventional home loan refinance. This way you can |
| FHA loan. You may have to wait a longer time to get | | | | use any lender or bank you wish and ensure that you |
| approved for this loan due to Government red tape | | | | get the best refinancing deal possible. This is the |
| and a lot of people applying , however, in the long run it | | | | hardest of all the loans to get but is by far the best |
| is usually worth it for a homeowner who has recently | | | | loan possible. |
| declared bankruptcy. | | | | |