Home Buying in Joliet>Question Details

Marie, Renter in Joliet, IL

My husband and i have bk discharged 2yrs(in Jan 2013) and a short sale 16months ago we would like to buy a home is that possible?

Asked by Marie, Joliet, IL Wed Dec 5, 2012

Also we would like to put down atleast 20% credit score is about 640.

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BEST ANSWER
Two years on bankruptcy will likely work, but the short sale is probably not enough time. Lenders often requiring minimum 2-3 years after a short sale. But your credit is good and the down payment is great. Only way to find out is to ask. I would speak to a few lenders and see what you can do.

Sometimes community banks that portfolio their loans may be your best bet. There are few left, but you can ask.
0 votes Thank Flag Link Wed Dec 5, 2012
FHA is 36 months past that foreclosure. This is even if it was included in the BK.
0 votes Thank Flag Link Wed Dec 26, 2012
Not enough information in your question to get a good answer, the guidelines for every type of loan are different. So the right answer to this question would require information on the type of loan you had, how it shows on the credit report now, what kind of loan you seek for the next one. Sound complicated? It is. But the regs are even more specific than how I am describing them here.

The only way to get an accurate answer is to sit down with a local lender and look over all of your support documents and credit report, even after doing that they will need to do some research and get back to you. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Thu Dec 6, 2012
Well it all depends.... in order to get a good feel for whether or not you can NOW or for how much you can NOW, truly depends on a lot of things, your credit score, your income, your down payment, your
other liabilities or debts like car payments etc.

What you need to do is sit down with a good local lender, and put all your financials in front and see
what they can come up with and also see how much you can actually borrow and what type of home
you then would be able to purchase if all else works out for the lender. And you definitely can talk to
more than one lender...

Good Luck to you

Most Sincerely yours,
Edith YourRealtor4Life and Chicago and North Shore Expert
Working always in the very BEST interest of her clients with @Properties
EdithSellsHomes@gmail.com http://tinyurl.com/YourRealtor4Life
0 votes Thank Flag Link Thu Dec 6, 2012
It would be possible, but it will take more than 20% down.
0 votes Thank Flag Link Wed Dec 5, 2012
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