Posted on: 11th Oct, 2010 04:51 pm
I filed bankruptcy and was discharged in 2006. I did re-establish credit, but had some lates. One late payment was quite recent due to poor planning and having some unexpected expenses. There really is no good excuse though and I own up to that. I have very little credit and have maintained good payments on all of my accts except this one. I am in the process of paying off all of my accts at the moment and will NOT make any more late payments period. That being said, my husband and I want to purchase our first home in June 2012. I'm not sure if this will be possible now. My scores are: TU 589 EX 642 Hubby: TU 642 EX 652. I figure we can raise these scores more in the coming months. We are looking to put down at least 3.5-5% and our monthly income is about $5100. My husband is self-employed and will be in business for 5 years February 2012. We are looking to purchase a house at about $140K. Is this a lost cause? Will we need to wait until 2016 when the BK can be removed?
Thanks for your help
Thanks for your help
Hi peabodypa!
Welcome to forums!
You're planning to buy your property in 2012. You have time in hand and you should take steps to improve your credit score further and avoid making any more late payments. You can check out the given page in order to find some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
As you'll be able to put a down payment of 3.5-5%. You can apply for FHA loans. You should contact the local FHA approved lenders in order to get pre-qualified for the mortgage. If you can manage to put down 20%, you can apply for conventional loans.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You're planning to buy your property in 2012. You have time in hand and you should take steps to improve your credit score further and avoid making any more late payments. You can check out the given page in order to find some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
As you'll be able to put a down payment of 3.5-5%. You can apply for FHA loans. You should contact the local FHA approved lenders in order to get pre-qualified for the mortgage. If you can manage to put down 20%, you can apply for conventional loans.
Feel free to ask if you've further queries.
Sussane
When you get a bank loan or another mortgage lender, it is decided in terms of the loan when the mortgage is registered against real estate. Usually, when you sign up, which includes the terms of the contract and official documents will be sent to your attorney so that a lawyer can prepare a statement of mortgage is correct.
You have long time period to clear your credits. So, you don't have to get worried at all. You can manage within this time period. Just start doing your best you will able to purchase your house.