Financing in 78745>Question Details

Tcolunga, Home Owner in 78745

i have a 631 credit score but have a bnkrptcy in oct 2010. Do I have a chance at a mortgage? 27 years same job. Down payment???

Asked by Tcolunga, 78745 Wed Nov 16, 2011

Im not sure what my husbands credit score is probably worse, but no bankruptcy. I know in a year it will be more likely we will get financed, but tired of waiting.

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Lara Pavanelli’s answer
I have the best lender for you to work with! He has all sorts of programs available.
Just call or email me and I will forward info to you.
Warm regards, 512-909-5807
0 votes Thank Flag Link Wed Apr 3, 2013
Depending on the BK and re-established credit the typical waiting period is 2 - 3 years. Banks will use the mid score from the weakest borrower to determine rates & programs. The only way to know for sure is to talk to a local lender and discuss your details. They will need to know the type of BK (chap 7 or 13), the level of re-establishment of your credit, your husband’s mid score and the rest of your application.
1 vote Thank Flag Link Wed Nov 16, 2011
Was the bankruptcy discharged...much will depend on the type of bankruptcy, current credit, income, debt, etc.; generally it can take two to three years...
1 vote Thank Flag Link Wed Nov 16, 2011
We have seen several individuals in your same situation-the Bankruptcy time table also depends on whether a house was part of the bankruptcy. I have a lender that will work with you and your individual needs and if need be they will keep the loan in house. So first would get with a Realtor-Lender team and see exactly where you are by submitting a loan application. Sometimes some small things can be done that will positively impact your credit score quickly.
As far as down payment and closing costs-that will depend on where you are lookingfor a home, to determine the type of loan. Would be glad to explain all of those to you .
Sonia Roberts, Realtor®
Canady Realty
"A satisfied customer is the best business strategy of all."
Michael LeBoeuf
0 votes Thank Flag Link Sun Oct 21, 2012
Check with a lender if you could get loan for your husband (FHA loan).
Web Reference:
0 votes Thank Flag Link Tue Feb 14, 2012
If it is CH13 you have to wait one year and show you made all payments on time. The court also has to sign letter stating you can buy a home again and you will need reestablished credit.
For Chapter 7 you have to wait two years from the discharge date in most cases. It is very important to have reestablished credit with no derogatory credit since then. If you can show you have 3 credit ratings at least 12 months long on your credit report and also show 12 months’ rent payments then you are GOLD. You can do with less credit ratings if you can show alternative credit, i.e. PGE, Gas, Phone, Ins, cable, etc paid on time 12 months. The lender wants to see that you have the ability to make your payments on time and this will do it. We need at least 580 FICO, but it would be much higher than that if you reestablished credit.
If there is a foreclosure you need to wait 3 years from Trustee Deeds date. If you are a Veteran it is a 2 year wait.

Mark R. Barrett
Loan Officer
C2 Financial
Office: (661)544-8787
Fax: (888)908-1271
DRE LICENSE #: 01438387
NMLS #: 279056
0 votes Thank Flag Link Fri Feb 10, 2012
All my lenders have told me 3 years when I told them I had a client with a BK or foreclosure. I had a client with a BK in 2005 and a 643 mid score just get a 4.375 FHA loan Perry makes a good point about looking for owner financing. Rates will be higher though. If you can get your husbands score up, that would be your best bet if you can't wait another year. If you can finance under his name and credit only.
0 votes Thank Flag Link Mon Feb 6, 2012
If bankruptcy was discharged- You have to wait two years past that date. So you probably will be able to purchase after Oct 2012. When you about 90 days from that date, you'll want to get with a loan officer to pull your credit and see where you stand.
0 votes Thank Flag Link Fri Dec 2, 2011
Try looking at homes that are owner financed. They typically will do a deal for 10% down or more.
0 votes Thank Flag Link Fri Dec 2, 2011
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