Posted on: 07th Apr, 2012 08:40 pm
We would like to buy a home. We are 18 months out of a short sale and 6 months out of a chapter 7. Our credit score is 680 and have 0 debt and no monthly payments. Our combined yearly income is 150k. Will put 20% down on a purchace price of roughly 350k. Can we get preapproved?
Hi DVDNSTUFF!
Welcome to forums!
You won't be able to qualify for a mortgage with a 6 month old bankruptcy filing mentioned in your credit report. A bankruptcy filing will reduce your credit score by around 200 points. So, now you should take steps to improve your credit score and then apply for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You won't be able to qualify for a mortgage with a 6 month old bankruptcy filing mentioned in your credit report. A bankruptcy filing will reduce your credit score by around 200 points. So, now you should take steps to improve your credit score and then apply for a loan.
Feel free to ask if you've further queries.
Sussane