Posted on: 13th Jan, 2010 09:13 pm
i wonder if i could quailify for a usda loan? Which loan would be the best for me. I have 5 in my family. I make 51000 a year, and have worked at the same job for 11 years.
Hi Guest,
Generally, you need to wait for at least 2 years after a bankruptcy discharge to get qualified for a new mortgage. Since your bankruptcy was discharged in 2007, you can apply for an USDA loan. If you have sufficient income and employment history, you will not have much problem in getting the loan. However, the most important thing is your current credit score. You must show improvement in your credit scores since the bankruptcy discharge to get approved for the new loan. What are your current credit scores?
Generally, you need to wait for at least 2 years after a bankruptcy discharge to get qualified for a new mortgage. Since your bankruptcy was discharged in 2007, you can apply for an USDA loan. If you have sufficient income and employment history, you will not have much problem in getting the loan. However, the most important thing is your current credit score. You must show improvement in your credit scores since the bankruptcy discharge to get approved for the new loan. What are your current credit scores?