Posted on: 13th Jan, 2010 09:19 pm
i filed Chapter 7 in 2007. Since then credit scores have rose and all payments on time. I want the loan in my name because I have worked at the same place for 11 years and now make 51,000. I have a 2000 debt and thats it. i am wondering about the usda loan,fha, and conventional.
help
What's your credit score like? If you have a credit score of around 700-720, you can apply for a conventional loan. You've a stable income which is a positive point and will go in your favor. You can start contacting your local lenders and apply for loans. This will help you know whether or not you would be able to get a loan. You can seek a no obligation free mortgage quote from the lenders of this community. This will help you know the rates and terms that you would get while you apply for a loan.
When was the Chapter 7 discharged? FHA requires 2 years. Conventional loans might require more depending on the lender/investor. Underwriters frown upon derogatory accounts after a BK was discharged. If you have a clean history after the BK and your scores are above a 620, you should be ok going the FHA route.
