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First Time Buyers With Credit Issues

My fiance and I want to buy a house before we get married next October. We're aiming low...the area he lives in has some places we like for under $100,000. My credit isn't good (590) but I'm working to improve it. I also have a student loan that is in deferment. He filed bankruptcy last year but his credit score actually went up after. (610)...he is also working on fixing his credit. Will his bankruptcy derail us from getting a loan even though his credit score went up? We both make aprox. 36G a year and will have about $6000 for a down payment. 
  • September 17 2013 - US
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Answers (1)

There is usually a wait period you have to go through when getting a loan after a bankruptcy. The usual wait period is around 2 years. It can be more or less depending on the lender and your circumstance of your finances and the bankruptcy. Also, since there was a bankruptcy in your past, that means all of your finances will be looked at more closely by lenders to make sure that you will be able to pay your off you mortgage if they choose to give you one.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me.

Good Luck! 
  • September 17 2013
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