Financing in 61201>Question Details

Man Help Man, Home Buyer in 61201

I have a credit score of 671 as of 08/28/2010. My annual income is about $61,000 a year. I have a bankruptcy from June of 2009.

Asked by Man Help Man, 61201 Sat Aug 28, 2010

Is it still to early to start thinking about getting qualified for a home loan? We have a small house and need to upgrade to accommodate for our two children. What kind of options do I have? Please help!?

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Since you do need to wait 2 years after the discahrge to qualify for an FHA loan, I'd recommend you start looking spring 2011. As long as your credit score stays above 620 and the guidelines don't change, you should be qualified to purchase a home by June 2011. Good Luck!

Elena Ollick
Amerivest Realty
Faith Home Loans
skype: napleshomes
1 vote Thank Flag Link Sun Aug 29, 2010
I am a Realtor with Mel Foster Co and am licensed in both Illinois and Iowa. The Quad City Housing Market is different from other parts of the country in many aspects. We have not experience as many ups and downs in our market value as other parts of the country. The lenders are right you do need to wait 2 years from a discharge of a bankruptcy to qualify for a home loan. I would spend that time increasing your credit score as the higher your score the better your interest rate when you are able to buy. But I would also do some research on what's out there in the market place so that when you're ready to buy you'll have that education and will be ready to move. I can set you up on an automatic notification of homes that meet your criteria. It's an easy way to do a home search and a year goes by rather quickly. You can contact me at or at 563-650-4928 for further information.

Mickey Turner
Mel Foster Co.
2215 E. Kimberly Rd
Davenport, Iowa 52807
Licensed in Iowa & Illinois
0 votes Thank Flag Link Tue Sep 7, 2010
Great Question!
I am a Banker with Chicago Bancorp and we specialize in assisting buyers create a gameplan to ensure that they are prepared to proceed effortlessly when they are ready to take the next steps towards purchasing. Although you will not be able to get financing for a mortgage until June 2011 which sounds far away, there are still other things to consider and plan for. Give me a call ifyou would like to begin putting your personalized plan together. I'd be more than happy to assist you! Feel free to view our website as well.

Cecelia Marlow
Mortgage Banker
Chicago Bancorp
0 votes Thank Flag Link Tue Aug 31, 2010
You will need a minimum of 2 years from the discharge of your bankruptcy to be even considered. Check with a loan officer to see what options you may have. NOW is the time to start planning for a loan approval.

Good Luck!

Gerry Dunn
Associate Broker

Serving Maryland, Virginia and D.C
0 votes Thank Flag Link Sun Aug 29, 2010
Seek out a reputable laon office or banker who is willing to organize you and get you on track for a future loan. Often they will give you valuable insight into what you'll need to do- based on their lender parameters. They should even give you a timeline to shoot for. Follow their advice and you'll be in a home before you know it. Remember they only make money off you when you use them for a loan... it is wonderful to use professionals who really do help you.
0 votes Thank Flag Link Sun Aug 29, 2010
I wouldnt even buy right now. Just rent another home because home prices are still going to fall for the next few years. Just clean your credit up and try to get ure scores in the 720 range. The fact you had to file BK a year ago, I don't know your situation but are you ready to take on a housing debt again? The other agent is right, I dont know when you can buy again after bk, no matter what wait 3-4 years before jumping in again.

Save the money, get a 700 + fico, then put at least 25% down payment. You will be in great shape by then.

Good Luck

Web Reference:
0 votes Thank Flag Link Sat Aug 28, 2010
Last I checked most lenders will require 2 years of re-established credit after a BK is finalized. Your best bet would be to meet with a local mortgage broker who has a full array of products available. It's not too early to start to plan, but it may be too early to be approved. If I'm correct, you should take the next 10 months to gain market knowledge of the area you want to buy in, interview some agents to find the one who will represent you the best and save up some down payment.
Congratulations on getting your score up so well since the BK, keep on doing good and by the time you are qualified it will be even higher.
0 votes Thank Flag Link Sat Aug 28, 2010
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