Posted on: 29th Jun, 2011 08:35 am
Can you consider a mortgage
with credit scores in the low 500's
We have a down payment
Documented income
What is your criteria after a
BK7 or
BK13
After discharge of either when would your company consider a mortgage?
Please reply
with credit scores in the low 500's
We have a down payment
Documented income
What is your criteria after a
BK7 or
BK13
After discharge of either when would your company consider a mortgage?
Please reply
After a discharge of the BK, you would be looking at 1-3 years depending on the lender. Also your fico in the low 500 would not be a doable credit score. You would need to bring up your credit, by paying off all derogatory, settleing any tax liens, collections, etc. Pay down your balances, open up a secured credit card. Most lender will need 640 fico for FHA. FHA does allow scores into the 500 range, but you have to put 10% down and not have any lates on anything in 12 mos
hi fndjul!
welcome to forums!
with a credit score of around 500, none of the lenders will be willing to give you a mortgage. after a chapter 7 bankruptcy, you need to wait for 2 years to get a fha loan and 4 years to get a conventional mortgage. after chapter 13 bankruptcy, you need to wait for 1 year to get a fha loan and 2 years to get a conventional loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
with a credit score of around 500, none of the lenders will be willing to give you a mortgage. after a chapter 7 bankruptcy, you need to wait for 2 years to get a fha loan and 4 years to get a conventional mortgage. after chapter 13 bankruptcy, you need to wait for 1 year to get a fha loan and 2 years to get a conventional loan.
feel free to ask if you've further queries.
sussane
The timing between bankruptcy and an attempt to obtain a new loan is far less important than the fact that you'll probably have to work on your credit for a minimum of 2 years to bring your scores up to an acceptable point for most lenders.
You'll want to reestablish favorable credit with at least three new creditors - using secured credit cards, loans (cosigned by someone, no doubt), etc. How you repair your credit is far more important than the waiting period after the bankruptcy.
You'll want to reestablish favorable credit with at least three new creditors - using secured credit cards, loans (cosigned by someone, no doubt), etc. How you repair your credit is far more important than the waiting period after the bankruptcy.
