Kelli,

You should be okay for FHA assuming that the bankruptcy was discharged more than 36 months ago or October of 2006.

Obviously you still need to qualify from a debt to income ratio standpoint. FHA still allows you to go as high as a 55% ratio, and with compensating factors even higher. That means if you earn $2000 per month, your total debt(car payments, credit cards, student loans, and new mortgage payment) can be as high as $1100.
If you earn $5000 per month that figure is $2750.

FHA will require a 3.5% down payment but you may qualify for Down Payment Assistance. Check out my blog for information on down payment assistance to see if you qualify. Just click on the box with my picture to the right of this answer and the click on my blog.

I hope this helps and good luck! If you have additional questions about FHA financing or down payment assistance please give me a call or just shoot me an email.

Todd Sheppard
770-304-6699
tsheppard@brandmortgage.com

Hi Kelli,

What a great credit score after a bankruptcy! Your credit score looks great for FHA (3.5% down) as long as your bankruptcy was DISCHARGED at least 3 yrs ago. If it is about to 'fall off' then it must have been a long time ago. I think that you should contact Marc D'Angelo with SunTrust at 404-925-8291 and get pre-approved. He is a local lender with a large regional bank here in town. He specializes in FHA loans and down payment assistance grants. You can also apply online at http://www.MarcDangelo.net.

Good Luck,

Lisa Allen, REALTOR
404-925-8261
Prudential Georgia Realty
LisasListings@att.net


http://www.LisasHomeListings.com

I wish everyone came to me with your scenario. Yes, you shoudl probably be fine - especially for FHA financing. Your main concern will be that underwriters do not like to see many lates on a credit report after the discharge of the bankruptcy.

If you have any questions or need a loan approval, you are welcome to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com