Home Buying in 95829>Question Details

Tam Nguyen, Home Buyer in Sacramento, CA

my boyfriend got a bankcruptcy since 2009, now his credit score is 606 now. What is easy step for him to buy a house now.?

Asked by Tam Nguyen, Sacramento, CA Thu Jun 26, 2014

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It would really depend Tam. The mandatory waiting period after a discharge is past, however, lenders are going to want him to explain the reasons for the bankruptcy and to demonstrate good use of credit since then.

If he has had collections, late payments, etc since then - especially any in the last 12 months - then it might not be easy to get something right now. The credit score would not appear to be real good just yet.

That's not to say he won't be able to do it. Just that there are a lot of factors that go into a lending decision, especially after a bankruptcy.

The best bet is to speak to a lender right away and have them assess his qualificiations and provided direction on the best way to do things.

Good luck!
0 votes Thank Flag Link Fri Jun 27, 2014

Your scenario is covered daily by our in house mortgage broker. Contact me so we can discuss what we will need for you to bring so we can get your preapproval ready! Our office is in the same neighborhood as you. Speak with you soon.
0 votes Thank Flag Link Thu Jun 26, 2014
Tam unfortunately there are no easy steps, clearly the first step is to get with a seasoned and savvy Mortgage Lender, then based on the consultation your boyfriend will find out what he can afford in today's tightened lending times as well as what it would cost to step into a loan. Please let me know if you need a referral for a good lender.

Endre Barath,Jr.
Berkshire Hathaway
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Thu Jun 26, 2014
Hi Tam,

The best thing for your boyfriend to do would be to get in contact with a local lender. They can go over the steps on getting preapproved for a loan and go over the entire process with him. Once preapproved then I would get with a Realtor and start the home search and go from there.

You can check my reference below for a local lender who has great reviews.
0 votes Thank Flag Link Thu Jun 26, 2014
Hi, I just ran this scenario by a lender for one of my buyers and the timeframes were different depending on if it was chapter 7 or chapter 13 and if it is going to be a conventional or FHA loan. Regardless since it sounds like it's been 5 years, your boyfriend should be good to go. You can contact me if you still need help with this, I'm in Sacramento.
0 votes Thank Flag Link Thu Jun 26, 2014
There is no such thing as an easy step to buy a house. It's a complicated transaction that definitely takes some planning.

You should talk with or meet with a local mortgage broker in your community. When you do, you will be given direction about qualifying for a mortgage.

Good Luck.
0 votes Thank Flag Link Thu Jun 26, 2014
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