Home Buying in Saint Paul>Question Details

Kristen, Other/Just Looking in 54016

First time home loan 2 years after bankruptcy? What are the chances?

Asked by Kristen, 54016 Mon Feb 2, 2009

We are firstime home buyers looking to apply for a loan in May. We filed bankruptcy in Jan 07, and since have worked hard to rebuild our credit. I checked a couple months ago and our scores are in the Mid 600's. Will this be accpetable to get a first time home loan? Since our bankrupty our credit has been PERFECTt. We have no money down, but my husband will qualify for a VA loan. His income is 58,000 per year and i'm just finshing up a CNA class and I hope to get employed soon. Will my employment count?

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Joycelewis412’s answer
If you have had a short sale, foreclosure, or bankruptcy, CFS Mortgage will help you determine if you can qualify for a mortgage. Take the first step and visit http://www.whywaitbuytoday.com.
0 votes Thank Flag Link Sat Aug 31, 2013
pretty good for bk after 2 years 3 years for a foreclosure. Buy a home on a cd and refinanced it. http://www.mnlakeplace.com/contract-for-deed-1
0 votes Thank Flag Link Fri Mar 14, 2014
With a VA loan,you will not need a down payment because that is 100% financing. However your employment will not count as you need a 2 year work history.
0 votes Thank Flag Link Tue Feb 3, 2009
Unfortunately, usually the bankruptcy follows you longer than 2 years. But, what's most important is for you to have a lender take a look at your total financial picture. You may qualify for some other downpayment assistance programs. Some of those programs have a feature where the money that's given to you for a downpayment doesn't have to be repaid.

Contact me if you'd like some info for lenders to check out.
0 votes Thank Flag Link Tue Feb 3, 2009
Your ability to get financing depends upon your credit score. I know this is a well duh, but the best thing to do would be to see a lender. They will tell you what your wcore has to be to get the financing you want. You may need to wait a few more months but it is worth it.
0 votes Thank Flag Link Tue Feb 3, 2009
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