Home Buying in 60628>Question Details

Llcj9869, Home Buyer in Chicago, IL

I have an overall credit score of 640, stable income for 12yrs. However, I filed for bankruptcy two years ago. Can I purchase a home?

Asked by Llcj9869, Chicago, IL Tue Aug 17, 2010

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Talk with a lender , and see what they can do for you ...good luck
0 votes Thank Flag Link Fri Aug 2, 2013
Whether or not you will be able to purchase a home with a credit score of 640, stable income, and a bankruptcy that was filed 2 yrs ago, depends on many more factors. The best bet for you is to start with a lending professional who can closely examine your current situation and give you a solid answer about right now. And, if the answer for now is not a solid "yes," a mortgage expert will likely be able to help you outline a plan to ensure that you are the right path to home-buying potential in the near future.
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Wed Aug 25, 2010
As mentioned in previous answers - there is absolutely a possibility that you may be to qualify for FHA financing. We close deals monthly with buyers that have 620-680 credit scores. Some have filed bankruptcy and/or had other credit challenges in the past. We put together a credit restoration plan, which may give you more answers about credit - http://www.yourhomeloanpartners.com/wp-admin/docs/map.pdf

Should you have more questions or need additional information, please don't hesitate to contact me at:

Cecelia Marlow - Mortgage Banker
Chicago Bancorp
300 N. Elizabeth Ave, Floor 3E
Chicago, IL 60607
0 votes Thank Flag Link Sun Aug 22, 2010
I think with your middle credit score of 640 and bankruptcy that was discharged 2 years ago can be approved for maximum financing under FHA, but you should check with your lender and get a pre-approval before shopping for your home.

Mike Yun, Broker
Jameson Real Estate
(414) 526-8998
0 votes Thank Flag Link Fri Aug 20, 2010
We need to know what type and if it was discharged.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
0 votes Thank Flag Link Tue Aug 17, 2010
You said you filed for bankruptcy 2 years ago but you didn't indicate whether the bankruptcy was discharged. As previously mentioned, FHA may be a possiblity if your past credit history from the time of filing has not worsened. It is very important to stay on track paying all of your bills after a bankruptcy. I specialize in FHA loans and have been in the lending business since 1984. Please feel free to contact me with any more questions that you may have regarding this matter.
John Moustis
0 votes Thank Flag Link Tue Aug 17, 2010
It depends on what type of bankruptcy and when it was discharged. You can get an FHA loan after a Chapter 7 bankruptcy 2 years from the discharge date as long as you have rebuilt your credit. Your discharge date would be on your bankruptcy documents. Call me if you'd like to discuss further or get pre-approved. I have worked with many clients with a bankruptcy in their past.

Bradley Eggers
Senior Loan Originator
Ardain Mortgage
847-744-0168 (cell)
847-963-1000 (office)
0 votes Thank Flag Link Tue Aug 17, 2010
It will depend on the price of the house you want to buy and your overall debt. Its best to contact a lender.

Here is the information for a great lender at my office.

Marty Hill
Baird & Warner
Financial Services
Loan Consultant

Also I would be happy to send you listing after your discussion with the lender.

0 votes Thank Flag Link Tue Aug 17, 2010
Not knowing details about your bankruptcy and circumstances, discharged or not, etc.-- Visit with any qualified loan officer first--see if you do qualify and how much, then go from there.
0 votes Thank Flag Link Tue Aug 17, 2010
Probably not, but my web site has a few lender references. You should find out your options and plan for the future if you cannot do it now. A lender can help you focus on the things that can help put your finances back in order sooner than later.

0 votes Thank Flag Link Tue Aug 17, 2010
With FHA you very well may be able to. Talk to Mike Del Preto from Hartland Mortgage- he closes multiple deals for me every month and knows this business better than anyone.

Mike Del Preto
0 votes Thank Flag Link Tue Aug 17, 2010
I do not think so. You will have to pay cash or put down most of the funds. Mortgages are hard to get now and the lenders are being picky. I wish you the best of luck but a bankruptcy will probably disqualify you for buying a home.
0 votes Thank Flag Link Tue Aug 17, 2010
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