Posted on: 14th Mar, 2010 08:45 am
We received discharge from ch 7 3 1/2 yrs ago and are now looking to sell our home and purchase a new one. My credit score is now low to mid 700's and my husbands lowest score is 690 - however on his credit report we have 5 late payments from 18 months ago on our mortgage loan - 3 are 30 days and 2 are 60 days. From that time till now we have been on time for everything. My credit report does not show that because my name is not on the loan but we have to use my husband's credit for the new home loan because of his income. Will those late payments keep us from getting approved - will we have to wait it out longer ?
wow, I basically just posted the same exact question! I hope you get the answers you are looking for!
Hi vbcurley,
Late payments will have a negative affect when you apply for a loan. However, as both of you now have a good credit score, lenders may get ready to give you a loan. You will have to speak to some of the lenders and check out their opinion in this regard. If you are planning to go for a conventional loan, then you will have to wait for 4 years after a bankruptcy discharge to qualify for a loan.
Thanks
Late payments will have a negative affect when you apply for a loan. However, as both of you now have a good credit score, lenders may get ready to give you a loan. You will have to speak to some of the lenders and check out their opinion in this regard. If you are planning to go for a conventional loan, then you will have to wait for 4 years after a bankruptcy discharge to qualify for a loan.
Thanks
Debtors need 24 straight months of on-time payments before they can buy a home after a chapter 7. It's 12 months with chapter 13.
