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Want to buy our first home


Hello,
    My current situation is I filled bankruptcy 2 years ago, got married last year and have missed no payments on any bills or loans in 3 years payed off two auto loans and credit score for both of us around 620. I have had the same job for 7 years and I am a full time student. We are looking to purchase are first home and our bank said they couldn't help us. Any advice on weather or not we could get approved would be appreciated.
Thank You 
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February 05 - Green Bay
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Answers (11)

Hello Josh,

Bankruptcies have a waiting period; 2 years from the discharge date for Chapter 7, one year from payout period for Chapter 13. If there were extenuating circumstances (which resulted in a loss of income 20% or higher) it is possible to get a loan one year from either bankruptcy. The lender you choose will have to take a closer look at your income, assets, liabilities and creditworthiness to determine whether you would be eligible for a loan. Let me know if you have any questions or would like to receive a free professional assessment.

Thank you,

Ashley
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February 08
Hello Josh,

Bankruptcies have a waiting period; 2 years from the discharge date for Chapter 7, one year from payout period for Chapter 13. If there were extenuating circumstances (which resulted in a loss of income 20% or higher) it is possible to get a loan one year from either bankruptcy. The lender you choose will have to take a closer look at your income, assets, liabilities and creditworthiness to determine whether you would be eligible for a loan. Let me know if you have any questions or would like to receive a free professional assessment.

Thank you,

Ashley
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February 08
Once your BK has been discharged more than two years ago, and your credit score is over 640, you should be good to go for any home that your income qualifies you for.
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February 07

2 years from discharge date for an FHA loan but you'll need a 680 FICO.

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February 07
Any chance of just using your new wife on the loan?  Also check with portfolio local lenders, if you have a relationship with them already they tend to be more lenient on items like that.  Most lenders who use Freddie or Fannie will have the same response.  Good luck!
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February 07
2 years from discharge date is standard for FHA.  It is possible your bank does not offer FHA loans.  As others have suggested I would ask around.
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February 07
There is usually a waiting period for bankruptcies but you should be fine now since you are two years past the bankruptcy. If you had a chapter 7 then there is a 2 year waiting period. If you had a chapter 13, you can get a mortgage a year after as long as you've been making your payments on time along with court approval. Other than that your credit score looks good. So if you are ready to buy a home, one of the first steps would be to speak with a lender that best fits your situation. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. You have a shot a getting approved but we need more details. So the best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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February 07
Hello Josh,

Bankruptcies have a waiting period; 2 years from the discharge date for Chapter 7, one year from payout period for Chapter 13. If there were extenuating circumstances (which resulted in a loss of income 20% or higher) it is possible to get a loan one year from either bankruptcy. The lender you choose will have to take a closer look at your income, assets, liabilities and creditworthiness to determine whether you would be eligible for a loan. Let me know if you have any questions or would like to receive a free professional assessment.

Thank you,

Ashley
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February 07
If you are in New Jersey ( I don't know about other states) it might be good for you to contact a mortgage broker rather just a mortgage officer in an individual bank. A broker works with different sources of funding like investment groups as well as traditional banks and government backed loans.  Sometimes the investment groups will be willing to work with people that have credit challenges that traditional funding sources will not
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February 06
If you filed a Chp 7 probably not.  Chp 13 maybe.  [promotion and contact information deleted by Zillow  moderator. Please see our Good Neighbor Policy for posting guidelines]
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February 05
Best to ask local lender for your specific situation.   When you were released from your bankruptcy plays a big part.   Plus, your score is low.   A local lender should be able to advise you what you can do to prepare yourself.   Best Wishes!
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February 05
 
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