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Dawn Kraemer's Blog

By Dawn Kraemer | Agent in 78258

After a bankrupcy, what next?

Bankrupcy can happen to anyone, and if it has happened to you, you may be wondering how long you have to wait before buying a home. The answer depends on many factors, but if you've been paying your bills on time, keep your bills at or below the recommended limits (no more than 2/3rds of your total income) then 5 years is about right. It's always best to keep a watch over your credit reports, which can be done free, 3 times a year, at http://www.annualcreditreport.com. 

"This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion."

This site will not give you your score, but will let you know what or who has reported your payment history, and who has requested information on your payment history. It allows you to correct errors, as well.

Since the meltdown when lenders tightened their lending requirements, the minimum credit score is still at 620. So, if you're interested in buying a home and think you might have a score that is at or near the 620 limit, then it would be wise to consult your bank, and ask them to pre-qualify you for a mortgage. One mortgage inquiry will not affect your credit score, which is a common question from home buyers. In fact, you can make several mortgage requests within a 30 day period, and it will only be seen as one hit.

Good luck, and happy holidays!
Dawn Kraemer
Keller Williams Legacy Group
(210) 232-5053

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