Are we more likely to receive a low loan/be denied because of scores/bankruptcy & should we secure a loan on our own first or find an agent first?

Asked by dianito1318, Newport News, VA Thu Jan 31, 2013

My husband & I filed bankruptcy about 5 years ago and our scores are in the middle to high 600's. We are first time homebuyers.

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Shanda Kishl…, Agent, Newport News, VA
Thu Jan 31, 2013
If you have questions please feel free to give me a call... There's lots of options available. I would love to go over them with you & your husband... Agents work closely with lots of lenders and can get you on the right path. Hope to hear from you :)
1 vote
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Fri Apr 12, 2013
Start making payments on time: From this point forward, make on-time payments on all of your bills and credit loans.
• Reduce your debt: Set up a debt repayment plan to reduce what you owe. As you pay down your debt, your credit will improve.
• Pay off negative credit accounts first: Get rid of payday loan and car title loan accounts as quickly as possible. They’ll remain on your credit report, but as you eventually get better accounts, they won’t be as important in figuring your credit score.
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Jan 31, 2013
I would choose a Realtor first because you will work with them the closest. Then have your Realtor introduce you to the loan officer they trust the most. Gather all of the support documents that will be needed to apply for a loan and meet with the LO face-to-face, have them walk you through the process and options available. This is the path I prefer, but it will work either direction, the key is having an LO and Realtor that are accustomed to working with each other. It is hard enough to get a deal closed today even when everyone is on the same page. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
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0 votes
John R Beave…, Agent, Portsmouth, VA
Thu Jan 31, 2013
My suggestion is to first find a agent that you feel comfortable with and let him recommend you to several local lenders that he has a relationship with. A bankruptcy that occurred 5 years ago should not affect your ability to get a loan as long as your credit history is clean since then. However this is really a question that needs to be gone over with a qualified loan professional.

I have three different local lenders that I highly recommend as they have many years of experience and know all types of financing. If you want to contact me at 757-812-0399 or email me at I will be happy to give you their contact information.

0 votes
Misty Mount, Agent, Yorktown, VA
Thu Jan 31, 2013
Finding a lender is the first priority when buying a home but a good local agent will know the best ones so maybe getting a referral would be better.

Misty Mount
Long and Foster
540 903 6686
0 votes
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