Posted on: 14th Nov, 2013 11:05 pm
We filed bankruptcy around 3 years ago and have been discharged as well. Both of us have a credit score of 660 and 680 respectively. Now we found a home in a nearby locality which is awesome. We want to buy it. We were wondering if we will be able to buy a home with our credit scores? Will it be possible for us to get a loan for down payment?
Hi Titti,
With the credit scores that you have, you will be able to go for a FHA loan. You will have to pay for the down payment from your savings. You cannot take a loan for it.
Thanks,
Jerry
With the credit scores that you have, you will be able to go for a FHA loan. You will have to pay for the down payment from your savings. You cannot take a loan for it.
Thanks,
Jerry
Hi Titti,
I agree with what Jerry has said. You will have to arrange for the down payment amount on your own. If required you can take a gift from your friends and relatives to pay for the down payment.
Thanks
I agree with what Jerry has said. You will have to arrange for the down payment amount on your own. If required you can take a gift from your friends and relatives to pay for the down payment.
Thanks
The only loans that are permitted for mortgages to get money for down payment and/or closing costs are loans secured against an asset.
That means borrow against a car or 401k retirement savings account or life insurance cash value.
In the absence of being able to do that you need to save your own money, get a gift or sell something to rise the money.
You will not be able to get a conventional loan with minimum 5% down payment unless more time has passed since the discharge dte of the BK.
You may be eligible for FHA loan after you get the 3.50% minimum down payment.
That means borrow against a car or 401k retirement savings account or life insurance cash value.
In the absence of being able to do that you need to save your own money, get a gift or sell something to rise the money.
You will not be able to get a conventional loan with minimum 5% down payment unless more time has passed since the discharge dte of the BK.
You may be eligible for FHA loan after you get the 3.50% minimum down payment.
