Financing in Grand Rapids>Question Details

Cas, Home Buyer in Grand Rapids, MI

I have a bankruptcy and foreclosure just over two years ago, and a credit score of 680. Is it possible for me to get a mortgage?

Asked by Cas, Grand Rapids, MI Fri Jul 27, 2012

I have been current on all my bills since bankruptcy. My credit score is 680.

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Yes there is a new program that you will qualify for

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
0 votes Thank Flag Link Sun Sep 1, 2013
FHA is the onlyavenue for this scenario. You will need a letter of explanation as to ther ereasons for your BK and how circumstances have changed and reduced the likelihood of a recurrence. Two years from BK discharge is the minimum. FHA and underwriting has discredtion in allowing this waiver.
0 votes Thank Flag Link Sat Jul 28, 2012
It is going to be difficult to get conventional or FHA financing for some time because the bankruptcy and foreclosure will prevent it for years regardless of your credit score. Your best option at this point would be a land contract or a lease with the option to purchase. If you would like more information on these options, contact me directly and we can figure out what would work for you.
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0 votes Thank Flag Link Fri Jul 27, 2012
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