Home Buying in West Dundee>Question Details

Donald Simps…, Home Buyer in Carpentersville, IL

I filed bancruptcy in 2005 after a divorce. I have a current credit score of 700. Can i get financing now for a home loan?

Asked by Donald Simpson, Carpentersville, IL Mon May 14, 2012

I have been looking at houses from 130K - 200K. I have approx 20K to put down on a house.

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Donald: Enough time has now gone by ... and your repair of credit scores is strong, so yes ... should all else be good, mortgage financing should be available. That said, until you speak with a mortgage lender and the lender is educated to your entire financial scenario, no concrete answer is available. I would suggest that you contact a mortgage lender and be pre-qualified for loan.
I am a mortgage lender with offices in Chicago and Naperville. I would be happy to speak with you, answers your questions, and earn the opportunity to assist you with your future home purchase. If I can be of assistance, please do not hesitate to contact me at your convenience. Best of luck to you, no matter your decision ...
Web Reference: http://www.genemundt.com
0 votes Thank Flag Link Mon May 14, 2012
You most certainly should be able to get financing. Do you have any lines of credit at this time? I can suggest several loan officers to contact to get you pre-qualified for a loan. That would be your best way of knowing. They do not charge or should not charge for this type of a qualification. We are located right on Rte 31 just south of 72. There also are some really nice first time home buyer incentives for help with down payment. Many different ways to look at a loan and your score is good.
Stop in and see us we would be glad to give you some info.
Thank you for the inquiry.
Fran Dugo Managing Broker
0 votes Thank Flag Link Mon May 14, 2012
Hi Donald, Yes you should be able to get financing for a home loan. If you would like to talk with a mortgage broker, please contact me. Thanks, Michelle
0 votes Thank Flag Link Mon May 14, 2012
I don't see why not. It will also depend on your debt to income ratios and your job history. A mortgage banker can help get you pre-approved so that you are ready to make a offer on a home comfortably. If you are interested in buying in the Fox Valley area, I would be happy to help! 630-464-4230
0 votes Thank Flag Link Mon May 14, 2012
You should be fine from what I learned in talking with my mortgage rep. He said for a conventional loan you would need to be 2-4 years out from when the BK was discharged. As far as whether you qualify income-wise you would need to speak with a lender about getting preapproved.
0 votes Thank Flag Link Mon May 14, 2012
Yes, you should be able to get financing. If you need help with a lender I can refer a few to you that should be able to get you a loan quickly. Feel free to e-mail me or call me at 630-688-2345
0 votes Thank Flag Link Mon May 14, 2012
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