Home Buying in Soddy Daisy>Question Details

Michelle, Home Buyer in Soddy Daisy, TN

I have a credit score of 587 and 14 months since I filed chapter 7 bankruptcy. I have no late payments in 2

Asked by Michelle, Soddy Daisy, TN Mon Jul 28, 2008

years and just wonder if I will be able to purchase a home in the future and what I should do to prepare. I am single, with 40000 annual income.

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Answers

7
Most programs require 2 years out of a chapter 7. If you can get your credit score over 620, it might be possible to qualify for a credit waiver with a rural development loan.
0 votes Thank Flag Link Sat Aug 2, 2008
You will have to wait until you have been discharged for 2 years. Afterward, you would be back within FHA's current guidelines. FHA will go off of the discharge date as opposed to the filing date. This is assuming that there was no foreclosure involved in the Ch 7. I would get with a lender and get a game plan in order. Let someone review your credit and see how it looks now and if any updates need to be done. You may need to start rebuilding some conventional credit or preparing to provide "alternate" credit references. Your lender can explain that in detail. It will also help if you can provide a solid rental history and have some money set aside in savings. In fact, the down payment assistance programs that so many buyers have been using with their FHA loans is slated to go away in a couple of months. If that doesnt change, you will have to have 3-3.5% as a down payment.

Get with a lender and get a game plan going. That 8-10 months will go buy fast, especially if you have some things to get in order. Find someone that you are comfortable, can answer all your questions and doesnt mind helping you along the way. CH 7 is definitely not the end of the world. You should be good to go before long. Good luck.
0 votes Thank Flag Link Wed Jul 30, 2008
Shop some lenders and see what they say.
0 votes Thank Flag Link Wed Jul 30, 2008
You are going to need 2 years from the filing date and then you can buy.
0 votes Thank Flag Link Tue Jul 29, 2008
Hello Michelle,

If you want a great lender that can help you in the most dire of situations then you need to contact Mark Pflanzer. He is great with working with these situations. His informaiton is: (615) 403-2088 mpflanzer@bancservices.com

Tell him Shane Powell said to contact you.

Good luck!
Web Reference: http://www.ShanePowell.com
0 votes Thank Flag Link Mon Jul 28, 2008
Michelle,

We are first time home buyer specialist (or those who haven't purchased in awhile) and as a result, have worked with many others in your situation. It sounds like what you are currently doing is getting you on track for buying a house. Feel free to contact us and we'd love to discuss your goals with you.

Stephen and Sheree Olmstead
Prudential Realty Center
Office: 423-842-8887
Stephen's Cell: 423-827-3472
Sheree's Cell: 423-827-3471
slolmstead@realtycenter.com
0 votes Thank Flag Link Mon Jul 28, 2008
Hi Michelle,

I have a few great lenders that you can call on. They all would be happy to reccommend a credit counselor to you if needed as well. It sounds like you are doing a fantastic job in getting your credit back in good standing! Please feel free to call me or visit our website at http://www.chattanoogapropertiesonline.com.

Good luck,
Rachel Bruner
rjbruner@comcast.net
423-255-6600 mobile

Lenders:

American Acceptance - Sancy Houston - 423.899.6898
E-Loan - Michelle Hurt - 423.503.1319
The Whaley Group - Dale Whaley - 423.593.2501
0 votes Thank Flag Link Mon Jul 28, 2008
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