Financing in Mesa>Question Details

Jgirl, Home Buyer in Mesa, AZ

No credit after BK. Discharged 2 yrs. How many tradelines are needed for FHA loan? 24 mo. history? Should I open secured credit cards?

Asked by Jgirl, Mesa, AZ Thu May 19, 2011

We are looking to purchase later this year, if possible. Have 10% down & looking to buy in the $200,000 price range. Self employed for 4 years with steady, good income. Had to file a business BK & have not built any credit after! What type of credit should we build? And do we have to wait until we have 24 month history on the accounts?

0 votes Share Flag Financing in Mesa

Help the community by answering this question:


You can buy right now. We specifically work with buyers who have not yet built their credit scores back
up yet or have a very recent BK, Short Sale or Foreclosure on their record. This is through a local bank, not a private lender or hard money lender. Contact me directly for details.
1 vote Thank Flag Link Fri Aug 19, 2011
Hi Laura, does your bank lend in other states? I might have some borrowers to refer to you.
Flag Fri Sep 13, 2013
Hello Brian, we can do the loan possibly if you can get the fico score up to 580. Sometimes just a few changes can raise the score!
Flag Fri Sep 13, 2013
Is your program still available? I have fico 531, 505, 495. But I can put down 30% on $300,000 home. Can you find lender to work with me?
Flag Wed Apr 4, 2012
Hi Jgirl. Once you needed a min of 3 credit lines that were 12 months or older. For most lenders, now you just need one traditional (reporting to credit bureau) line of credit. Furthermore, your rent or lease payments are considered traditional lines of credit that can counted towards your 12 month history if need be. Depending on where your score and credit history is now, and if you already have a good rental or leasing history, you may just need to open 1-2 credit cards with a 500.00 minimum limit. Charge no more than 10-25 dollars on them and within 30 days you should see a 45 pt or more increase to your score.

However, to be certain, you should sit down with a licensed loan officer with experience in credit restoration to review your credit history. Most have access to credit building software (we have Creditxpert through Kroll) that would enable them to determine exactly what it is you need to do.
1 vote Thank Flag Link Fri Aug 19, 2011

Let me introduce myself. My name is Bobbi Vizzerra and I work for Credit Justice Services. I'm, the person you call when you cant get financed. I can help your get accounts, forecloser's, repossessions and yes even bankruptcy removed from there credit bureau in 90 to 120 days.Call me and let me educate you on how we can help your clients.

I Look Forward to hearing from you,

Bobbi Vizzerra
1 vote Thank Flag Link Fri Aug 19, 2011
Every lender will have layers on top of FHA guidelines. We require 3 trade lines, at least one of which is a traditional account that reports to a credit bureau. The other two can be non-traditional. All three must have a 12 month reporting history with no late payments. Our minimum FICO score is 640 for FHA loans. Most buyers think one item like having the minimum number of trades is the only thing considered, not at all how the system works. Every loan application is reviewed in its entirety. For example, a borrower could meet this trade line requirement and still not receive an approval from the Automated Underwriting System (AUS). So do not make the mistake of focusing on just one issue, it is the entire package that counts.
Web Reference:
1 vote Thank Flag Link Thu May 19, 2011

In addition to the answers that you already have, be aware that lenders will have different requirements. Some are easier than others. It you end up needing some additional lenders to check with, please don't hesitate to contact us.

Best Regards,


Ron & Brenda Cunningham
West USA Realty
**Recognized in the Phoenix Business Journal as One of The Top 50 Realtors in the Valley**
0 votes Thank Flag Link Fri May 20, 2011
Jgirl, As others have mentioned the best thing you can do is to contact a few lenders and discuss your specifics with them. With a bk discharge only 2 years ago and no credit at this point it will be very hard for you to get approved for a loan this year. But discuss with your lender the best way to start rebuilding your credit so you can be ready as soon as possible. BTW, if you are self employed be aware that the only income you can claim will be what you claim on your income tax returns. I've seen many issues with that in the past.

Good luck!

Carlos J. Ramírez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart –
Certified Negotiation Expert (CNE)
0 votes Thank Flag Link Thu May 19, 2011
If you are looking for a secured card Midfirst Bank has a card that only requires $300, use it for groceries or gas and pay it off at the end of the month and they report monthly. There are other banks that will report every 2 weeks but you pay them a large fee as part of the card processing. I would be happy to talk with you and even check your credit for you if you want to call this afternoon. I have meetings until 3pm.

Matt Puzz
Licensed Loan Originator
Amerifirst Financial, Inc.
1910 S. Stapley Drive #209
Mesa, AZ 85204
Direct: 602-410-9333
Office: 480-682-6617
Fax: 480-344-3687
NMLS# 213777 AZ LO-0915068
Apply Online:
Web Reference:
0 votes Thank Flag Link Thu May 19, 2011
Dear JGirl:
Hi, not enough information to answer your question on a public forum about your BK situation.

I recommend talking to your lender. If you need one that works with BK issues, let me know.

Your best bet if you wish to purchase this year may be to have your Realtor show you some "Seller May Carry" financing listings. They will probablyl require at least a 10% down payment.

There are not as many of these for sale, but here are some examples of Seller May Carry Active listings priced < $200K in the Phoenix metro:,12,1 Note there are a fair share in the Mesa/ SE Valley area.

Let me know if you have any more questions.

Jeff Masich
Arizona Homes and Land
Web Reference:
0 votes Thank Flag Link Thu May 19, 2011
I recommend you speak with a mortgage lender who can help you get financing, or tell you what you need to do to get your credit where it needs to be They will look at your current credit, debt-to-income ratio & so forth. Getting a secured card is a good idea to help build credit, but a lender can tell you ecatly where you need to be in order to get approved for financing.

The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
Phone: 508-790-2000
0 votes Thank Flag Link Thu May 19, 2011
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