Home Buying in Aurora>Question Details

Jenandkam, Home Buyer in Aurora, CO

I have a FICO score of 636, and I made $72,500 last year. Can I buy a new construction home (planned community) with an FHA loan?

Asked by Jenandkam, Aurora, CO Sat Jun 30, 2012

I am 2 years removed from bankruptcy, which combined with my score is why I think FHA will be all I can qualify for.

Help the community by answering this question:

Answers

8
JenandKam,

Congratulations, sounds like you have done the right things to re-establish your credit after the bankruptcy. Most banks look pretty favorably on a 620 and above credit score as long as your other debts are in line with their guidelines. Your debt to income ratio will also be considered. The bankruptcy guideline for FHA loans after bankruptcy is 2 years and you are right back on track for purchasing a home with an FHA loan. The builder will have their preferred lenders; but get a second opinion from your own lender. Best of success moving forward.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Fri Oct 12, 2012
Yes, you should be able to do this. Give me a call or message me here and I can put you in touch with our preferred lender. He has worked with us for years and has the highest integrity. And he is very experienced with getting people approved for a loan after they have had a bankruptcy.

Marianne Bandy
The Bandy Team
RE/MAX Professionals - Denver, CO
"From Our Heart to Your Home"

303-746-7799 cell
http://www.BandyHomes.com
0 votes Thank Flag Link Mon Jul 2, 2012
Strange, my answer below was to a different question, but parts of it do apply here.
0 votes Thank Flag Link Sun Jul 1, 2012
The best thing for us to do is get you on the phone with my lender. Let him pull your credit and lets see. If you still need to work on a few items or wait a few more months, we should be able to work that out with the builder. We should also go visit a few builders and see what they have to say. If you like please contact:

Thanks,
Pat Keller Williams Southlands
720-480-5519

Jason Kauffman
Owner/Broker
Uptown Mortgage
1809 Blake Street #207
Denver, CO 80202
Office: 303-839-5262
Cell: 303-883-6776
0 votes Thank Flag Link Sun Jul 1, 2012
Good morning. I have a great lender that is able to work with credit scores in the low 600s. I'd be happy to get you in contact with him if you'd like. Also, should you be a first time home buyer, a first time home buyer credit was just introduced, so that would give you a great opportunity to buy, as well.

I'd love to talk to you further. Email me at christinapodwinski@iregroup.com, or call me at 303-842-4929.

Have a great weekend!
0 votes Thank Flag Link Sun Jul 1, 2012
Hello,

Yes we have multiple programs for foreclosure and bankruptcy seasoning. Bankruptcy seasoning is only two years for Chapter 7 and Chapter 13 from discharge date. A planned community would depend on the actual ownership. Most likely we wouldn't have an issue with any of the dynamics of your scenario. However, I would like to speak with you directly about your scenario so we can have you fully approved. Please feel free to call me at 303-910-7015. Thank you! Ben Gearhart
0 votes Thank Flag Link Sun Jul 1, 2012
Sounds like you should based on the info you gave. You can contact a lender through my easy to use site and view all the homes on the market. http://www.mansfielddenver.com just click on home loans and home search. Let me know.

Best regards,

Matt Mansfield
Equity Colorado
0 votes Thank Flag Link Sat Jun 30, 2012
Every situation is very different but it sounds like a new home could definately be in your near future. I work exclusively with many builders in Aurora ~ contact me and we can explore the possibilities Suzan Sonmez 303-596-3706
0 votes Thank Flag Link Sat Jun 30, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer