I have a fico score of 632 I make 35000. a year and I am 18 months out of a bankruptcy with a debt to credit ratio of 58credit/42 debt can I apply for

Asked by Tonae, Tucker, GA Fri Apr 23, 2010

morgage.I have also paid all bills on time since bankruptcy

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FSBOsuccess, Home Seller, 28590
Sat Apr 24, 2010
I sure hope not! You had a bankruptcy in the last 2 years and now want someone to issue you credit to buy a house?!?!? You are kidding aren't you?
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Ya know, not all bankruptcy's are due to lack of finacial wisdom. Some folks, like my husband, filed bankruptcy due to an injury that occured through no fault of his own and the insurance company faught him every step of the way. In fact, many years later they are still fighting it. So whoever you are, homeseller 28590, remind me not to ask you to help us purchase a home when the settlement comes through.
Flag Fri Aug 24, 2012
David Staffo…, Agent, Albuquerque, NM
Fri Apr 23, 2010
You can, and you come close for an FHA (your only viable option), but you need to be under 41% debt INCLUDING new total house payment. You might want to pay off a few small debts to reduce that ratio.And, the ratio is actually debt to income, calculated by adding all of your monthly debt payments that show up on your credit report to your new mortgage payment and that number must be less than 41% of your gross monthly verifiable income. I suggest you call a lender who won't waste your time and who can ask you a few questions and determine what you qualify for or what you need to do to qualify. I recommend Jason Pike at Bank of America at 505.828.9400. He will tell you straight up whatever you need to hear and not just try to sell you on a loan that can't be done. If you are ready to shop for a house in our market, it would be my pleasure to assist you Tonae. Best of luck to you!
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