Can I get a house with a bankruptcy 6-7 yrs ago, no outstanding debt, & a 595 credit score? How much will I need in the bank or to put down?

Asked by Lisa, 27526 Thu Mar 24, 2011

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David Jaffe, Agent, Arlington Heights, IL
Thu Mar 24, 2011
Hi Lisa,

You should speak with a mortgage professional regarding what you would qualify for (and when). It often takes 7-years or longer to have the bankrupcy erased from your credit report, however you should make every effort to improve your credit score before attempting to purchase a home. Most conventional loans require a 700+ credit score, FHA 650+ to qualify. Keeping your debt to income ratio is also very important...
In general you will need 3 1.2% minimum downpayment for FHA and 5% for conventional

Hope this answers your questions.

Best of luck,

David Jaffe-SRES, CDPE
Realtor-Coldwell Banker
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BG, Home Buyer, Phoenix, AZ
Thu Mar 24, 2011
it only takes about 6 months to really improve your scores, in order to get a better rate and lower cost. Ask some one who know how to fix your scores.
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