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7 year old bankruptcy

I have a chapter 7 bankruptcy from 10-13-2005 with an overall credit score of 699, will I be able to qualify for a home loan>
  • October 12 2012 - New Orleans
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Answers (6)

Sorry to hear about your previous bankruptcy but it sounds like you're in pretty good shape. 640 is typically the magic credit score for getting preapproved for a home loan. Since it seems like you're way past that point I'd say you're good to go. Just be sure to work with a qualified lender, someone with experience so that your home loan and your purchase process goes smoothly & happy house hunting!
  • December 04 2014
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With the information you provided you should be able to qualify. Once you meet with a lender to determine your three scores and debt ratio, they will be able to guide you from that point. 
  • October 13 2012
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Profile picture for Ofe Polack
I suggest that you contact a few mortgage brokers so they can run a financial profile for you.  You should be OK, but check anyhow.
  • October 12 2012
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2 years after discharge you can get a Mortgage loan.

  • October 12 2012
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Based on your credit score and time since bankruptcy, you should qualify for the creditworthiness portion of the loan. You need to remember, as others have said, that loan qualification has four areas:

Credit
Collateral (the home or investment property)
Cash (Income to qualify)
Closing (downpayment, reserves and closing costs IE good funds).

Lenders will qualify you for a loan based on all of these factors. Credit is just one of them. Talk to a few lenders and find out how much you qualify for based on all four criteria.

Good Luck!
  • October 12 2012
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Your question cannot be answered definitively without detailed information about your entire financial situation and a loan application.  Qualification consists of other considerations as well as credit score such as income, debt, employment, assets, etc.  Your BK may not affect your overall ability to qualify at this time, and some lenders will lend even sooner than the 7 year period.  Your best bet is to contact a good mortgage broker to pre-qualify you.
  • October 12 2012
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