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is 630 credit score ok for a home loan?

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moakhdipped Joined: 19 Oct 2008 Posts: 1 1.30 Dollars($)	Posted: Sun Oct 19, 2008 11:28 am    Post subject: is 630 credit score ok for a home loan? Like 0 Dislike 0 I am 27 and filed chap 7 about 3yrs ago I have a 630credit score and want to buy a house can I?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Sun Oct 19, 2008 8:02 pm    Post subject: Like 0 Dislike 0 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: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Mon Oct 20, 2008 8:20 am    Post subject: Like 0 Dislike 0 as long as your bankruptcy has been discharged for at least 2 years and your credit report reflects a re-establishment of favorable credit, you ought to be able to negotiate a new mortgage now. obviously, there are lots of other factors to consider (income, assets, etc.), but you may have timed it quite well. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Mon Oct 20, 2008 6:04 pm    Post subject: Like 0 Dislike 0 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 _________________ there's always hope! "My credit score shot up 68 points!"
Samantha Community Mentor Joined: 16 Sep 2005 Posts: 1609 Location: MASSACHUSETTS 150.97 Dollars($)	Posted: Tue Oct 21, 2008 5:37 am    Post subject: mortgage and buying home after bankruptcy Like 0 Dislike 0 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

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