Zillow Advice: Credit Scores - Need Professiional Advise- Can we get a Mortgage Loan? http://www.zillow.com/advice-thread/Need-Professiional-Advise-Can-we-get-a-Mortgage-Loan/394590/ Zillow Advice | Zillow Real Estate Michael's answers is very ... http://www.zillow.com/advice-thread/Need-Professiional-Advise-Can-we-get-a-Mortgage-Loan/394590/ <p class="MsoNormal">Michael's answers is very good. You could start shopping for a loan as soon as 12 months has passed. if there is good cause for the credit situations then 12 months of clean credit history is good enough if you can contact a lender that will manually underwritten you loan.<br/><br/> Hang in there and make you plan now and in no time you will be a home owner!</p> Tue, 12 Apr 2011 13:34:00 GMT http://www.zillow.com/advice-thread/Need-Professiional-Advise-Can-we-get-a-Mortgage-Loan/394590/ 2011-04-12T13:34:00Z Please excuse my "business" ... http://www.zillow.com/advice-thread/Need-Professiional-Advise-Can-we-get-a-Mortgage-Loan/394590/ Please excuse my "business" answer to a very personal situation Mayratt.<br/><br/>From a loan guideline standpoint FHA is probably the most lenient with people who have previously been in bankruptcy.<br/><br/>The standard credit guideline for FHA loans is that you need two years of a clean payment history after exiting bankruptcy. I acknowledge that you "dismissed" instead of "discharged" the debt, and that all things equal that was a good thing.&nbsp; From a lending standpoint they like the 24 months to pass so that they feel confident you have put all your troubles behind you.<br/><br/>Is it an arbitrary time frame? Yes.&nbsp; Is it possible you could obtain an FHA loan within the 12 months after the dismissal date? Maybe but not probable. That auto loan that slipped through the cracks is going to be viewed as a problem, even though you and I know it was tied to the BK.<br/><br/>My recommendation would be to make an application with an FHA lender approximately 12 months after the late car payment was reported.&nbsp; The only cost involved would be $17 for the credit report and the worst that happens is the lender takes a look and says you'll need to wait longer.<br/><br/>The benefit to making application early is that the lender can analyze how you've rebuilt your credit and make any recommendations to further improve your situation.<br/><br/>Hang in there! You'll be back in the game before you know it. If we can be of any assistance you can contact us via our profile. Mon, 11 Apr 2011 20:53:00 GMT http://www.zillow.com/advice-thread/Need-Professiional-Advise-Can-we-get-a-Mortgage-Loan/394590/ 2011-04-11T20:53:00Z I'm sorry you are in such ... http://www.zillow.com/advice-thread/Need-Professiional-Advise-Can-we-get-a-Mortgage-Loan/394590/ I'm sorry you are in such a difficult situation.<br/><br/>Working yourself out of this apparently bottomless pit can be done carefully, step by step.<br/><br/>First you need to work on repairing your credit scores.&nbsp; Are both you and your husband bringing in income?&nbsp;&nbsp; Are you paying all your bills and debts promptly?&nbsp;&nbsp; Are you avoiding building up debts?&nbsp;&nbsp; Have you started saving for down payment?&nbsp;&nbsp;&nbsp;&nbsp; <br/><br/>Put together a 1 to 5 year plan to help you meet your goals.&nbsp;&nbsp; It certainly can be done. Mon, 11 Apr 2011 20:32:00 GMT http://www.zillow.com/advice-thread/Need-Professiional-Advise-Can-we-get-a-Mortgage-Loan/394590/ 2011-04-11T20:32:00Z