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Answers (3)
- MoniqueU
- Contributions:114
if you files a bk due to a dealth or medical bills. you can get the bk excused and buy a home.
if it was from bad cash management, then you will have to go to a b-c lender.
FHA will take the loan but most banks won't do it so you will still have to go to a B-c- lender.
if it was from bad cash management, then you will have to go to a b-c lender.
FHA will take the loan but most banks won't do it so you will still have to go to a B-c- lender.
- Michael Mullin, "WA and CA FHA Expert"
- Contributions:369
Congrats on having the large down payment - that will help!
There are too many unknown variables - like what exactly does "bad credit" mean? Lenders have both minimum FICO standards you have to meet, and even then they will have additional requirements like no late rent payments in the last 12 months, etc. A good loan officer can review your credit report with you and tell you exactly can be done now, what can be fixed in short term, or what will take more time.
The bankruptcy adds an additional layer of risk and lenders generally require you to have re-established "good" credit AFTER the bankruptcy. If you've had late payments since the bankruptcy was discharged you may have to wait until you've got 24 months of clear credit.
Those are very general guidelines. Credit is almost always impossible to judge without having a full application and your credit report in front of the lender's eyes.
The good news is it will only cost you about $17 for the lender to run the credit report.
If we can help, you can find our contact info in our profile.
There are too many unknown variables - like what exactly does "bad credit" mean? Lenders have both minimum FICO standards you have to meet, and even then they will have additional requirements like no late rent payments in the last 12 months, etc. A good loan officer can review your credit report with you and tell you exactly can be done now, what can be fixed in short term, or what will take more time.
The bankruptcy adds an additional layer of risk and lenders generally require you to have re-established "good" credit AFTER the bankruptcy. If you've had late payments since the bankruptcy was discharged you may have to wait until you've got 24 months of clear credit.
Those are very general guidelines. Credit is almost always impossible to judge without having a full application and your credit report in front of the lender's eyes.
The good news is it will only cost you about $17 for the lender to run the credit report.
If we can help, you can find our contact info in our profile.
- Deborah Garvin, "loanmonarch"
- Contributions:438
Most lenders are requiring three years seasoning from the date of discharge, but there are exceptions. The lender will want to know cause for the bankruptcy and it is absolutely imperative that you credit is pristine following the bankruptcy. Have you re-established credit? You may be better off to try for an exception on the FHA product and put less down so you have able reserves for any economic issues in the future. Feel free to contact me via my profile if I can answer any further questions.
We have bad credit, bankruptcy filed on 2007 we want to buy a house first time buyers?
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