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pmitchell · Joined: 18 Apr 2009 Posts: 1 1.78 Dollars($)

discharged bankrupsy little over a year ago, my credit score is 680 at present.... was told by a mortgage lender that even though my credit history over the last year and a half is good and i have 23 yrs in at same employer, making excellent wages that the would not grant me a mortgage because they need to see 3 years of credit history and higher credit score ! My wife and I have over the last 3 years spend over 50,000 in rent and we really want to get a home and stop paying others rent and pay on a mortgage.... wifes credit is 495 only due to past ex husband etc.... so we are trying to qualify just on my info..... ( together we make 115,000 per year ) we together only have 20,000 in debt that we are paying off each month ( college loans, vehicle loans ) CAN YOU HELP ?

Samantha · Posted: Sat Apr 18, 2009 8:14 am Post subject:

Hi pmitchel,

I must say you've rebuild your credit pretty well after a bankruptcy! Well, if the lender requires you to have 3 years of good credit history, that's his lending criteria. Different lenders require different criteria when it comes to offering a mortgage. However, at the current score of 680, you can very well try for an FHA loan. The requirements for an FHA loan have changed in recent times. One needs to have minimum credit score of 620 in order to qualify for FHA loans. The mortgage debt ratios should be around 29/41. How much is yours? if you haven't calculated, you can do so using the mortgage debt ratio calculator.

Your employment history looks good too. I'd like to know what type of bankruptcy you filed. If it is Chapter 13, then you have a chance to qualify for FHA loans since it's been more than a year you have received the discharge order. I think you need to shop around a bit so that you can come across a lender who'd be willing to lend you the money. You can even have a talk with the lenders in this community. Just go for a no-obligation free consultation on the right mortgage that can suit your needs. Hopefully you'll be able to find a program that can serve your purpose.

May god bless you

Samantha

gmakerley · Posted: Sat Apr 18, 2009 11:13 am Post subject:

indeed, fha is the only product forgiving enough to allow a new mortgage after such a short period, and with chapter 13 only.

it's worth shopping for one, to see how it goes (again). have you re-established any credit since the chapter 13? that may be the sticking point with the lender you spoke with.

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