Financing in 27526>Question Details

Lisa, Home Buyer in 27526

I had a bankruptcy 6-7 yrs ago, could I get a house now, approved $, & how much savings do I need? My credit score is 595 with no outstanding

Asked by Lisa, 27526 Thu Mar 24, 2011


0 votes Share Flag Financing in 27526

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FHA Lenders have expanded their guidelines, please read below.

Borrowers with credit scores of 580 or less would have to put 10 percent down in cash in order to qualify for an FHA loan. (This may not hurt that many people, since few lenders will even grant a loan to borrowers with a credit score of 580 or less at the moment, even though FHA permits it.)

Please also see the link in the web reference.
0 votes Thank Flag Link Fri Mar 25, 2011

The bankruptcy by itself should not be an issue after 6 or 7 years, lenders are looking for how you have rebounded fromt he Bankrupcty. Couple of things you would need to consider:

- Have you re-established postivie credit, or can you show you have paid rent on time
- How is your debt-to-income ration (what percentage of your gross monthly income goes towards consumer debt)
- Employment history (how long have you been on your job, are self-employed)
- Assets
- the lending industry does have programs to accomodate credit score down to 500

I would be glad to see what options we could come up with for you. I"m right here in Fuquay Varina.

Bart Q. Poynor
(919) 235-7525
407 N. Judd Parkway NE
Fuquay Varina, NC 27526
Web Reference:
0 votes Thank Flag Link Fri Mar 25, 2011
Most lenders will require 625 credit score OR more 3.5% downpayment OR more.

Contact mortgage broker complete loan application where they can review all your options

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Thu Mar 24, 2011
Hi Lisa;

I have access to some special programs for folks with credit scores between 580 and 639 so please give me a call. As stated below Fuquay-Varina is USDA eligible for the most part so all you would need is money for inspections, etc up front, less than $1000 in some cases.

Jim Bartlett
0 votes Thank Flag Link Thu Mar 24, 2011
Hi Lisa,

You could be very close to qualifying. Wells Fargo has some programs that accommodate credit scores as low as 600. The bankruptcy may not be a huge hinderance since it was 6-7 years ago. Denise Beatty at Wells Fargo can help you figure it out (919)841-5327. Fuquay Varina is a USDA 100% financing area. You may only need $1000-$2000 of your own money.

I am the sales associate at Southview Pointe in Fuquay Varina, exclusively representing the Seller, Mungo Homes. We have new homes with a garage under $150,000. The builder has a promotion going where we are fencing the back yards for FREE. You can visit us on the internet at

Best regards,
Tim Overby, Southview Pointe
O: (919)285-2849
M: (919)368-3712
0 votes Thank Flag Link Thu Mar 24, 2011
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