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It's been 2 years since my bankruptcy. My current fico is 610 can I qualify for a mortgage now?

  • September 18 2011 - Phoenix
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Answers (3)

Has it been 2 years since the discharge date?  If so, I believe you may be able to go FHA.  Your credit score is not bad.  I would suggest that you talk to a Mortgage lender who will look at your credit report and see if there is anything you could pay down, pay off, dispute, etc in order to do a rescore for you to get you over 620.  I also suggest that you do not pay for an application or an appraisal, until you talk to at least 2 Brokers to be sure you are indeed PRE APPROVED.  Be sure you have at least 2 years tax returns filed and at lease 3 open trade lines on your credit report.  If you do not have 3 trade lines, you may have to use alternative credit.  

Good luck!

Megan 

  • September 19 2011
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Dear Kawena:

Probablyl nolt for a conventional mortgage. Do have a family member that can co-sign for you?

A larger down payment will help. With a 20 to 25% down payment you may qualfiy for a seller carry mortgage.

Keep putting your down payment money away and keep your bills current to raise the credit score.

Jeff Masich
HomeSmart Realty
Arizona Homes and Land

  • September 18 2011
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Every Mortgage lender is different.  Most of the time your qualifications are not based on just your credit score but your debt to income ratio.  With a 610 score you should be able to get qualified for a mortgage.  Now it just depends how much the lender will aprove you for?  Two years after a bankruptcy there are financing options that are available to you.  Make sure that you pay every bill on time, even if you are a day late on your bills could eliminate you from a mortgage.  Hope this helps and good luck house hunting!
  • September 18 2011
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