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We have bad credit. Ch7 4yrs ago. What % down should we have to get a mortgage.

We filed a Ch7 4 years ago.  We have been renting since then and really want to buy a home soon.  My parents are going to give us a sizable down payment, but what % down will it take to get approved with bad credit? 
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August 08 2013 - Joliet
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I recently helped my daughter get a pre-paid or secured credit card. This Co. was referred to me by my lender.  Basically you put up the amount of the "credit limit" you want.  The card acts as a normal credit card and reports to all credit agencies.
http://www.advcredit.com/  
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August 09 2013
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Thank You to all that replied.  I checked with Experian, and our scores are 584 for me and 581 for my wife.  We do have two small past-due balances to pay off (less than $1,000 each), so once those are paid off, I will check it with all 3 credit beaureus again. Thanks to all that suggested getting a pre-paid credit card. We will definitely do that ASAP to help re-establish our credit.
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August 09 2013
If your credit is still in really tough shape after 4 years, that tells me that you'll need to do more to reestablish good credit accounts. 2-3 accounts that have been paid on time for at least 12 months. I recently had some borrowers who were 2 years out of BK with scores in the low 700s because they were meticulous with reestablishing those good credit accounts. 
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August 09 2013
You have to wait 2 years after your discharge date which means you can purchase as long as your credit score is there. If you don't Have any credit, you'll need to get some prepaid credit cards that report to the bureau & you may be able to get a small loan and pay it back. Those things should help boost your score. 
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August 09 2013
Good credit is preferred over all these days.
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August 08 2013
Call a mortgage lender to have them run a credit report which will show current credit scores and if they can help you. If they cannot they can tell you what to do and how long it will take. Call [spam content removed by Zillow moderator due to violation of Good Neighbor Policy.]
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August 08 2013
No amount of down payment or gift funds will offset bad credit. What is your credit score?
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August 08 2013
What is your credit score now?
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August 08 2013
 
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