How To Get A Mortgage After Forbearance

How To Get A Mortgage After Forbearance

Are you currently in a forbearance with your mortgage company, or came out of a forbearance recently? Let’s talk about how to get a mortgage after forbearance to buy a home or refinance your current mortgage.

You cannot get a loan if you’re currently in a forbearance, unless you’ve continued to make the payments, even though you’re in the forbearance. Most people that go into forbearance because they can’t make the payments. But if you’re one of those rare people that is making the payment during forbearance, we can help you right now.

Coming out of the forbearance, the guidelines are a little bit different whether you go into some sort of a forgiveness plan, or if you catch up all the deferred payments all at once in a lump sum. So if you catch up all the deferred payments on your forbearance in a lump sum and come out of it being completely caught up, you can qualify for a mortgage immediately coming out of the forbearance once you’ve made that next payment after the forbearance.

If you go into some kind of an arrangement, whether it’s to spread the deferred amount over the course of 12 or 24 months, or it’s to tack that deferred amount onto the end of your mortgage, you just have to come out of the forbearance and show three on-time payments for three consecutive months after the forbearance and then you can qualify for a mortgage. So not super complicated, and it is possible to qualify after the forbearance. It’s not a huge complicated process, and it’s not something that’s going to ruin your credit or something like that.

So just give us a call or text us at 303-670-0137 with your situation and we can talk over the details and figure out if you can qualify and how soon. If you’re coming out of the forbearance, we do need to get the forbearance agreement that outlines the terms of your plan coming out of the forbearance in order to qualify as well. So keep that in mind. And we’ll look forward to speaking with you. Once again my name is RJ Baxter, Fairway Independent Mortgage. Have a great rest of your day. Thanks for watching.