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Theresa, Home Buyer in New Jersey

I consider myself a very responsible person who happened to experienced some very bad luck with previous

Asked by Theresa, New Jersey Tue Feb 17, 2009

marriage, ruined my credit because of it, medical bills and so forth. To cut story short, I filed for bancruptcy/discharged 3 yrs ago. I am trying hard to rebuild my credit, my income is 45, 000 a year w/ou overtime with a fico score of 650. Can I get a home loan for the first time/first time home buyer. Please help.

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I am going to say that I see files like your a lot and assuming all factors are relatively normal, you should do very well to get approved for a loan. You meet pretty mich every criteria to qualify and your BK discharge is old enough. The main thing that an underwriter will look for is late payments AFTER the bankruptcy. That is usually a red flag and something you should be fully ready to explain via a detailed letter.

So that being said, expect an approval for a mortgage payment around 30-35% of your gross monthly income and total debts around 40-45%, possibly 50%.

If you have any questions about the qualifying process, please let me know. I'd be more than happy to assist you obtain your financing.

Luke Allison
Flagstar Bank

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