Home Buying in Bettendorf>Question Details

Frank_carpen…, Home Buyer in Moline, IL

FHA or Conventional loan

Asked by Frank_carpenter, Moline, IL Wed Apr 16, 2014

Hello, I recently applied for a FHA loan at US Bank for my first home. I was approved. I filed bankruptcy that was discharged in July of 2011. My 3 credit scores are 654,687,& 690. I told my lender that I wanted to keep my monthly mortgage at about 800 a month. I was told to accomplish this I would be looking at about 100,000 loan. I recently ran across some information saying some lenders offer Conventional Loans to people who have filed Bankruptcy with 3%down. Do anybody know if this is legit? Also what would be best for my situation. I heard that mortgage insurance was just added to FHA Loans. I have about 4,000-12,000 for a down payment if needed. (4,000 cash) (8,500) 401k but I really don't want to touch 401, but I will if I have to. Thanks for the help

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