The three areas that a lender looks at qualifying a borrower are:
1. Credit score – minimum of 620 FICO for FHA is needed, the higher the score, the better rates you will get!
2. Loan to Value (LTV):With FHA, you will need 3.5% of the purchase price as a down payments.
3. Debt to Income (DTI): 45% of monthly debt to monthly gross income.
To get todays rates and fill out an application, please go to my secured website at http://www.guaranteedrate.com/MaryKayLaurent
You will be able to look at different loan options and APR and by selecting the green application button, you can setup you login information and fill in the application and run your credit (you can keep a copy – it is free) plus you get $150 off your closing costs!
Once you run credit, I will be able to review it and see what your options are to purchase a property based on your credit history and your income.
Stef, I would love to work with you, give me a call at 773.516.6859 to get started!
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
It looks like you've received a lot of great advice from local agents. The next step is sitting down with a great lender like Guaranteed Rate and getting the pre-approval. Once you know what your budget will allow, you'll find there are a lot of nice homes available to you.
You can start looking on line with atproperties.com which is really easy to navigate and will help you begin your search.
As a specialist with first time home buyers, I can tell you that with the right agent, the process will not be daunting.
If you have any other questions, feel free to contact me anytime!
Here is a link to FHA buildings who have already been through the process and are approved for FHA financing. You can look up specific buildings or neighborhoods that you are interested in.
FHA requires very little down-payment 3.5%. Local brokerage like Guaranteed Rate will more then likely know the building or area you want to be in. They can tell you if people have done deals with similar financial backgrounds. As opposed to a commercial bank where the lender is in New York and has no clue what building you are talking about or have never done a deal there.
Hope that helps and vote positive for me if it did.
Best - Ken Watanabe
My Name is Kelly Halligan. I work in Chicago and the suburbs. I am with Mark Allen Realty. Feel free to contact me at firstname.lastname@example.org
You should qualify for an FHA loan if 2 years have passed since the Chapter 7 discharge date. Possibly even 12 months after discharge date depending on the cause of the bankruptcy. I can approve you with a higher ratio of debt to income than 45% if necessary as well. Please see my listing as an approved lender for this program here:
I am available to help you at your convenience if you wish.
I also offer credit score improvement programs for free while we work on your mortgage.
If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”
Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
Rate quote or live chat with me at the link below:
I am a Mortgage Banker at The Federal Savings Bank headquartered here in Chicago. I specialize in FHA loans particularly for first time home buyers. Feel free to call me to discuss the various loan options available to you. I am at 312/789/4717. Happy Monday.
Brett Robinson, Mortgage Banker
The Federal Savings Bank | 300 N. Elizabeth Street, Suite 3E | Chicago IL 60607 | USA
direct: (312) 789-4717
fax: (312) 509-4373
cell: (773) 339-4254
I recently helped a family in a similar situation and they are now proud homeowners. Best of all their mortgage payment is less than their rent.
Please feel free to contact me with any further questions. I would be happy to help. Good luck.
Mayra O. Rubio
Sr. Mortgage Banker
From what you're saying, YES, there is a very real possibility you could be approved for an FHA loan. As long as your bankruptcy was discharged more than two years ago.
Please contact me at 773-416-7107 today, and we'll take a look at your credit to determine what your scores are, and we'll take it from there.
I hope to hear from you soon.
Senior Mortgage Consultant
The combination of your Income, Credit History and Down Payment will determine your ability to qualify for a loan. Feel free to contact me in order to get pre qualified.
Feel free to call me at your convenience.
Senior VP of Mortgage Lending
You should talk to a lender who understands the FHA rules.
Let me know if you need a referral. Good luck!
Eric Marcus Real Estate Group
Your Real Friend in Chicago Real Estate