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First Time buyer w/ Bankruptcy looking for mortgage

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vsop Guest	Posted: Mon Jul 25, 2011 2:52 pm    Post subject: First Time buyer w/ Bankruptcy looking for mortgage Like 0 Dislike 0 I recently had a failed business which led to a bankruptcy. My bankruptcy was discharged in 2/2011 and I am getting married in October and we would like to purchase a home as soon as possible. I now have a stable job which I have been at for 4 years. My fiance is employed but has little credit, not poor, but not much established. My Fico score as of today is 680. I know a 680 can get a decent mortgage but will they even give me a mortgage with the Bankruptcy? Thanks in advance for any help and guidance! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jul 25, 2011 9:52 pm    Post subject: Like 0 Dislike 0 Hi vsop! Welcome to forums! It will be difficult for you to qualify for a mortgage so soon after a bankruptcy discharge. You will have to wait for 2-4 years in order to qualify for a mortgage depending upon the type of bankruptcy you filed. Feel free to ask if you've further queries. Sussane
dmitriy Joined: 29 Jul 2011 Posts: 27 6.27 Dollars($)	Posted: Fri Jul 29, 2011 1:04 pm    Post subject: Like 0 Dislike 0 Vsop; Is your bankruptcy chapter 7 or 13? You can qualify for a Mortgage with a CH 13 Bk after 12 months worth of payments. With a CH 7, you need 24 months after discharge. I can also use alternate trade lines for a borrower with limited credit to qualify. I hope that helps! Best Regards; Dmitriy Bleynis Regional Sales Manager STERLING NATIONAL BANK STERLING NATIONAL MORTGAGE [Contact details deleted as per forum rules. Thanks.]

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