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What it takes to buy a home

Hi I am wondering what the qualifications for getting a loan to buy a house are.  I am a first time buyer, but have had to file bankruptcy within the last few years. I do have a job but it is only a part time job for now. Is there a certain income level to meet? I know that having money down also is important. I would like to look at the foreclosed houses to start in east Akron. I just need help getting started and knowing what I need to succeed along with having information that is useful to me in my situation.
Thank you.
Danielle M
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October 04 2013 - Goodyear Heights
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Answers (5)

There are many factors that lenders look at to determine whether or not you can be approved for a loan. These factors include credit score, income, expenses, debt, assets, liabilities, employment, down payment, etc. When it comes to income it's hard to give you an exact number that's required but for credit score you should't have anything less than 580. If you are 580 or above, there are lenders like myself that can deal with that. Either way, the best way to figure out your situation is to speak with a lender like myself. We would need to know more information about your finances to see whether or not you can be pre-approved. So do not be afraid to contact a lender like myself.

Well I hope this helps and if you have any further questions or need a loan, feel free to contact me! Good Luck!
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October 04 2013
Hi Danielle,
Here's what we are looking for. Each lender you speak to may have add'l overlays that could affect your prequalification or preapproval.

The basics we would all be looking for:  Re-established credit (after bankruptcy). We're looking for no late payments, no collections after the bankruptcy. We want to know that you've fully recovered from the financial crisis you went through which caused the need to file bankruptcy.

If all of that is true and you have a verifiable rental history then the rest comes down to credit and income. Since you are working part time, we'd want to know that you've done that for at least the last two years. From there we take your income and crunch some numbers (gross monthly income x 43% less your other debts reporting on credit is what you have available for principal/interest/taxes/insurance.) 

With lending and real estate there are so many what ifs and too hard to generalize much further as it will come down to your current but over all financial profile. I hope I have helped some.  Best wishes, Kim Lawson
Ohio Licensed Mortgage Loan Originator. Contact and licensing information can be found on my profile.
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October 04 2013
You need patients first, then go meet with a local lender and go over the bankruptcy and how it will affect your buying power. 
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October 04 2013
Declaring Chapter 7 or Chapter 13 bankruptcy is often devastating. Twenty four months after a bankruptcy is discharged is what most lenders perceive as the necessary waiting time for applying for a loan to buy a home. You may be able to get a mortgage sooner, but the terms (i.e., interest rate, etc.) won't be as attractive as it would be if you can wait the two years.
The most important thing to remember is that the bankruptcy must be discharged. If you are still in the process, or if you are still in "credit counseling" or any other program that takes over your finances, no mortgage lender will speak to you. 
The best way to learn what you can afford is to get prequalified for a loan. There are SEVERAL loan programs for the first time buyers and your best bet is to sit with a lender to determine if you are ready to be financed. The part time job may be a problem since you need to show job stability.
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October 04 2013
It is a puzzle and there are several pieces to it. Income, debts, credit score and credit history are all parts of the puzzle. It sounds like a couple of your parts are not great, but no one here can tell you for sure. Go talk with your banks loan officer to see what they say. It's free and takes 10-20 min of your time to get a good idea if you need to pursue it or wait and improve things. If you need to wait the loan officer can tell you what needs to change or be fixed. You will get a real answer, so just make an appointment and go talk to them and find out.

Good luck

tim
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October 04 2013
 
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