Home Buying in 44118>Question Details

dorlenebrown…, Other/Just Looking in Cleveland Heights, OH

Filed bankruptcy June 2013. Make $55k/ yr. employed same hospital past 4 years. What is the probability of being approved on a home loan cs 580?

Asked by dorlenebrown52, Cleveland Heights, OH Tue Feb 25, 2014

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Unfortunately, slim and none, and slim is on a permanent vacation.

After a bankrupcty, you need to wait a minimum of 2 years AND you need to have re-established good credit in that time in order to qualify for an FHA loan. Conventional mortgages require a 4 year waiting period. If there was a home included in the bankruptcy or you had a foreclosure then the wait will be 3-7 years, before you can apply for a new mortgage.

On the re-established credit, lenders are going to want to see that since the BK you haven't had any collections or late payments, and that you have 2-3 lines of credit established with at least a 12 month history of on-time payments.

So you should focus on keeping your credit squeaky clean in the next year and getting those scores up. That way, when you are eligible to apply for a loan you will give yourself the best chance of being approved.

Best of luck!
0 votes Thank Flag Link Tue Feb 25, 2014
by the way, the waiting period begins when the bankruptcy is DISCHARGED. Not when it is filed
Flag Tue Feb 25, 2014
Last June? Your probability, regardless of your credit, is about 0. Sorry.......
0 votes Thank Flag Link Tue Feb 25, 2014
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