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Just how hard is it to qualify for a mortgage these days? Are banks lending?

Buy in spring just 2 years post bankruptcy (house was sold normally) before, with 10K saved and 6K in 401...and will we really get mortgage at 2 year mark in this lending atmosphere?  Or wait one more year save 20K and a lot stronger financially on an application.  Use Disney credit union (which is supposed to help members) or use a  broker considering the big B. 

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June 20 2010 - Beaumont
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Profile picture for mrs ryca
Thank you both for the info! Will sit with fha lender in the spring
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June 21 2010
Its tough but do able...yes you can with an FHA lender who knows how to package a deal

Work with a lender who knows how to make the underwriter happy, meaning its structured with everything in there making the file easy to understand. LOE's, Income, Assets, Compensating Factors, anything you can put in there to make the file stronger

Keane is right, find someone who is great at FHA loans in your area.

Happy Fundings
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June 20 2010
Profile picture for mrs ryca
Thanks for the advice,

opening new trade lines, previous fico 780. Never late 15 years of mortgage payments, and not late on rent or bills in 3 years here in FL.  Not sure why zillow is showing me in TX.  Just wanted to know if it was realistic to be approved in this lending market?
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June 20 2010
I would use the best FHA/VA lender you can find in your area.  Yes, you really can buy after two years for a chapter 7.  FHA doesn't require any seasoning if it was a chapter 13 bankruptcy.

the minimum credit score you'll likely want to reach.  Since you have 3 credit scores, you really need at least two to be at 620.

One of the most important things following a bankruptcy or foreclosure isn't just to wait for the seasoning requirement to pass, but to also BUILD your credit since the hardship and show your credit since the hardship is good.  I hope you've been timly with your loan payments since the bankruptcy.  If you have not opened any new accounts since your bankruptcy to build credit, your scores may be too low to qualify.  If you have, you're on the right track.  Here's more information on building credit after a financial hardship to build towards homeownership.
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June 20 2010
 
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