Posted on: 20th Mar, 2010 01:14 am
I desperately need to buy a house. I did a bankruptcy & a short sale 2 yrs ago on my home but have since then built my credit score to 644 683 & 700. I have about a 10% down payment on a house that I would like to buy.
The house that I would like to purchase does not offer FHA loans due to flood zone issues and I understand that a convintional loan is harder to qualify for.
I have been on my job for 24 years and have no debt
what are my chances for a loan with a BK and a short sale after 2 years?
The house that I would like to purchase does not offer FHA loans due to flood zone issues and I understand that a convintional loan is harder to qualify for.
I have been on my job for 24 years and have no debt
what are my chances for a loan with a BK and a short sale after 2 years?
Hi Pahriss,
What type of bankruptcy did your file? If you had filed Chapter 13, then you would be able to get a conventional loan to buy the property. However, the minimum score required to buy a property with a conventional loan is 700-720. I would suggest you to improve your score further and then look out for loans. In case, you had filed Chapter 7, you will have to wait for 4 years to get a conventional loan.
What type of bankruptcy did your file? If you had filed Chapter 13, then you would be able to get a conventional loan to buy the property. However, the minimum score required to buy a property with a conventional loan is 700-720. I would suggest you to improve your score further and then look out for loans. In case, you had filed Chapter 7, you will have to wait for 4 years to get a conventional loan.