We were told by a lender that we can't qualify for a FHA home loan for 2 years because of our bankruptcy
about a year ago. We were additionally shocked to learn that having a co-signer makes no difference. However, he mentioned something about a convential loan and that we needed a credit score of 680 to qualify (we have a 618).
So I did some research on a convential loan and learned that it is stricter than FHA. Would we still qualify with a bankruptcy when we reach 680, and if not would we qualify with a co-signer, or are we stuck waiting an additional 2 years?
Thanks
Answers (1)
FIRST ANSWER
You must wait 2yrs following a chapter 7 bankruptcy. That is a serious negative on credit.
If you are in chapter 13 with 12 ontime payments, however, then you may qualify now.
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