Posted on: 14th Feb, 2012 01:57 am
Hi there… I went though a bankruptcy in 2010 due to my financial crisis. However, we have recovered now and are to buy again with 20% down payment, but may have to borrow from our 401k. My mid FICO score is 676 and it should be over 780 after the next credit card statements are updated to all 3 credit agencies. What kind of interest rate will I qualify for? What should I ask the loan officer/broker when obtaining a loan? Should we buy now or wait until the end of the year? Any advice will be greatly appreciated.
hi sandra,
with a credit score of 780, you will get quite good rates. however, if you filed chapter 7 bankruptcy, then you need to wait for 2 years after discharge in order to qualify for a fha loan and 4 years after the discharge to get a conventional loan. if you filed chapter 13, then you need to wait for 1 year after the discharge to get a fha loan and 2 years after the discharge to get a conventional loan. unless you satisfy this criteria, it will be difficult for you to qualify for a loan.
thanks,
jerry
with a credit score of 780, you will get quite good rates. however, if you filed chapter 7 bankruptcy, then you need to wait for 2 years after discharge in order to qualify for a fha loan and 4 years after the discharge to get a conventional loan. if you filed chapter 13, then you need to wait for 1 year after the discharge to get a fha loan and 2 years after the discharge to get a conventional loan. unless you satisfy this criteria, it will be difficult for you to qualify for a loan.
thanks,
jerry
Hi Sandra,
When you apply for a loan, you should check out the interest rate you will qualify for. Apart from this, before signing on the dotted lines, you should go through the documents carefully and if you need any clarifications, you can contact your lender and ask him to clarify the doubts.
Thanks
When you apply for a loan, you should check out the interest rate you will qualify for. Apart from this, before signing on the dotted lines, you should go through the documents carefully and if you need any clarifications, you can contact your lender and ask him to clarify the doubts.
Thanks