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debrapisciotta · Joined: 23 Oct 2009 Posts: 1 1.33 Dollars($)

my husband and i had a forcloseure that will be 3 years ago in march 2010 and a banckrupcy filing in feb 2008.
how soon can we apply for a loan? do we need to wait until the bancrupcy had been 2 years? we have established new credit since then. we have both bought new cars. and have 1 credit card with no balance that I use monthly. Our credit scores are in the mid to upper 600's. My husbands name was not on the foreclosure.

jenkin7 · Posted: Fri Oct 23, 2009 11:10 pm Post subject:

Hi debrapisciotta,

Conventional loans require you to wait for about 4 years after foreclosure to qualify for a new loan. If you want an FHA loan, the waiting period is 2 years after foreclosure. Since the foreclosure on your credit is 3 months old, you can qualify for an FHA loan. You also need to wait for 2 years after a bankruptcy discharge to get approved for an FHA loan. When were you discharged from bankruptcy?

Credit scores in the range of mid to upper 600's should be enough to get you an FHA loan. Since your husband's name was not on the foreclosure, his credit must not have been negatively affected. But did he file bankruptcy along with you?

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

debrapisciotta

Currently only 2 years are passed after filing BK and thus you can only consider about the FHA loan option.As you have said both of you have 600 + credit score ity will be lot more easier if both of you apply for the loan.

keep in touch....

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