Home Buying in 98028>Question Details

6884roux, Home Buyer in 98028

Credit score of 550.A bankruptcy over 2 years ago. I have income over 3200.00 a month .I have some money down 3k . Can I get a loan ?

Asked by 6884roux, 98028 Fri Dec 10, 2010

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As stated by everyone below, you need to get your credit score up. I am a loan originator as well as a real estate broker. There is a company that actually will help to to restore (as opposed to repair) your credit and they have a 100% success rate for over 10 years. If you will like their information, please send me an email directly, or give me a call & I will forward their information to you right away.
0 votes Thank Flag Link Sat Dec 11, 2010
Probably, but rates aren't going to go up dramatically and with that score your current rate would be high. Take 6-9 months to work on your score. That will pay off better in the end and add buying power.
0 votes Thank Flag Link Sat Dec 11, 2010
Personally, I would get my score above 650 before I even attempt to make a loan application. Even then, no late payments at all within past 12 months and season the cash down you have.
0 votes Thank Flag Link Sat Dec 11, 2010
Easy enough, you just need to start the credit repair process with someone who can make your score move up and then Presto, you should fit into an FHA loan IF:

You can get a 3.5% down payment together (ie, buy a home for $200K, you need $7,000.00)
You have at least 2 years since your BK
Your score can be moved up to about 620 or higher...

Call me if you care to discuss this, I help folks with this type of thing all the time,

Chris Golden
President, Team Golden Homes &
Managing Broker, RE/MAX Performance Plus
Mobile: (206) 412-2608
E-mail: cgolden@teamgoldenhomes.com
Website: http://www.TeamGoldenHomes.com
"I'm never too busy to help with any of your real estate needs"
0 votes Thank Flag Link Fri Dec 10, 2010
6884roux,
Currently the majority of lenders out there would be looking for a higher score and more down, depending on what price range and where you want to buy. Something I've done with several prospective clients is worked with them months to even a couple of years in advance to improve their scores, set up budgets and prepare them to be able to buy sooner rather than later. I would recommend you find a mortgage broker who would be willing to assist you in this way.
0 votes Thank Flag Link Fri Dec 10, 2010
Perhaps, instead of attempting to buy a home at this time, you should concentrate in improving your credit - putting the bankruptcy behind you...... and saving some money. Saving money is key.

I don't think you're quite ready to take on the responsibility of owning a home - there is more to it than just paying the mortgage, taxes and insurance.

Just my opinion..........
0 votes Thank Flag Link Fri Dec 10, 2010
Sounds as though you're getting close. Traditional financing such as fha is 3.5% down and I've seen recent loan approvals with a 580 credit score although it depends on credit history. I would suggest finding a lender in your area and get a prequal its free and they often can tell you exactly what needs to be done to obtain a loan.
Web Reference: http://www.homes77.com
0 votes Thank Flag Link Fri Dec 10, 2010
While I suspect you'll find it quite challenging to get a loan, you might be able to buy a new home via a lease-option.
0 votes Thank Flag Link Fri Dec 10, 2010
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