| Author |
Message |
|
|
 moakhdipped
Joined: 19 Oct 2008
Posts: 1
1.30 Dollars($)
|
 Posted: Sun Oct 19, 2008 11:28 am Post subject: is 630 credit score ok for a home loan? |
|
|
| I am 27 and filed chap 7 about 3yrs ago I have a 630credit score and want to buy a house can I? |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
| Posted: Sun Oct 19, 2008 8:02 pm Post subject: |
|
|
Hi moakhdipped!
Welcome to forums!
A bankruptcy will remain on your credit report for around 7-10 years. During this time getting loans is quite tough. I don't think you will get a loan. However you can search for FHA loans but chances are less.
Feel free to ask if you have further queries.
Sussane |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7442
Location: bloomfield, ct
69.31 Dollars($)
|
| Posted: Mon Oct 20, 2008 8:20 am Post subject: |
|
|
as long as your bankruptcy has been discharged for at least 2 years and your credit report reflects a re-establishment of favorable credit, you ought to be able to negotiate a new mortgage now.
obviously, there are lots of other factors to consider (income, assets, etc.), but you may have timed it quite well.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
|
| Posted: Mon Oct 20, 2008 6:04 pm Post subject: |
|
|
Hi moakhdipped and welcome to MortgageFit!
FHA will allow bankruptcy Chapter 7 if you have been discharged from it for at least 2 years. They will also ask for reestablished credit history which it sounds like you have with your credit score.
Make sure to have 3 tradelines, and to have 12months of ON TIME rental payments. With FHA you will only need 3% down.
Please come back and tell us how everything went!
Thanks,
Robert
_________________
Mortgage Refinance
Loan Modification
North Carolina Mortgage Rates |
|
|
Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
|
| Posted: Tue Oct 21, 2008 5:37 am Post subject: mortgage and buying home after bankruptcy |
|
|
Hi Moakhdipped,
Since you have filed Chapter 7, and hopefully 2 years have passed since the discharge, I think you can qualify for an FHA loan provided you don't have late payments, credit collections or charge-offs. And even if you have collections, it's best to pay them off before you apply for a mortgage.
I agree with George when he says that there are other factors like your income and assets to be considered. Of course these are important and also how much you pay as the down payment is a factor worth considering.
I would suggest that you go for a no-obligation free loan consultation with our community lenders on the right mortgage that can suit your purpose. Through the consultation, the lenders will help you get an idea on what loan programs will be suitable for you and guide you on how to proceed.
May god bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
|
|
