Profile picture for Michelle721

M

Edit!! I guess I forgot to write an actual question in the "Question" box, and now it won't let me edit my actual question, only the body of thequestion! My question is, Do my husband and I have any options? 

My husband and I are looking for a lender who would be able to work with us. We currently own a townhome that we are out-growing and would like to move into a sibgle family house. I think we will have an issue being pre-approved because my credit isn't very good (bankruptcy two years ago, middle credit score of 594, last time I checked about two-three months ago). My husband bought our current house on his own before we were married, but has since added a car loan into the mix and no longer works a second job. So for him to qualify for an amount we would need is impossible. Our annual income together is about $84,155. I believe I have learned that the minimum middle credit score for qualifying for an FHA loan was 620. Does this mean I am out for good until my score is up? We are just anxious to get out of this townhouse and into something long term. Thank you!
  • October 09 2013 - Saint Paul
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Answers (5)

Each lender has different credit score minimums whether it be for an FHA or conventional. Some lenders may require a high credit score minimums and others may require lower credit score minimums. There are lenders like myself that are able to give out FHA loans with scores as low as 580. It's just the matter of finding the right lender that fits your situation. I suggest finding and speaking to a lender that works for you. Lenders like myself would be glad to speak with you to help you get the loan that you need.

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

Good Luck!
  • October 09 2013
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Profile picture for Furlong Team
FHA now allows approvals with a bankruptcy at least 12 months ago.  The new mortgagee letter 2013-26 indicates that you need to have experienced an "economic event":
An Economic Event is any occurrence beyond the borrower's control that results in Loss of Employment, Loss of Income, or a combination of both, which causes a reduction in the borrower's Household Income of twenty (20) percent or more for a period of at least six (6) months.

If you don't meet this definition the street says you need 3 years since a bankruptcy.

A good credit person is advisable to help you improve your score.  I can recommend some good ones.
  • October 09 2013
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Hi Michelle, 
Their is hope on the horizon, just not today.  Your question is a little backwards about a lender working with you.  You want to get yourself in the best possible situation so you can work with lenders.  You have two big issues, the credit score and the BK.  Most lenders want at least 36 months from bankruptcy.  I use several lenders that you should speak with now.  You can formulate a plan, including improving your credit scores (we have people that can assist you with that as well) so when the time is right you can obtain a mortgage with a better rate.  Call / email when you are ready to plan for your future.  Thank you for your question.
  • October 09 2013
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Hi Paul,

We are located in Minnesota, and I noticed you're from MD. Would there be an option with your company that is closer to us?
  • October 09 2013
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We can lend to borrowers with credits scores down to 530!  I help families all the time with less then perfect credit.  I would love the opportunity to earn your trust and business.

Contact me if you would like more answers and assistance!

Good luck!
  • October 09 2013
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