Doctor, second-year resident, in Pittsburgh, wants to buy house for the first time. She had a bankruptcy two

Asked by Pierrette Wolfe, Clinton, IA Wed Jan 21, 2009

years ago. Her credit score is now 690. Is it possible for her to get a mortgage this spring?

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Elizabeth Ca…, Agent, Pittsburgh, PA
Wed Mar 4, 2009
First-time home buyers in Pittsburgh can take advantage of many types of mortgage options. I am amazed that someone with two bankruptcy's has a 690 credit score. Usually this kind of history does not look good to a lender and they may require more money down- or give a higher rate for the loan.

Learn more about tax credits, sellers assistance and talk to a mortgage specialist and see if you can get approved. Good luck.

Liz Caplan, Realtor
Coldwell Banker Real Estate
0 votes
Ellen Living…, Agent, Pittsburgh, PA
Fri Feb 6, 2009
It depends on if it was chapter7 or 11 bankruptcy. If you want to call me at 412-670-1366 cell or 412-521-5500 ext. 325, I will be happy to discuss with you.
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Heidi Pancie…, , Hopkinton, RI
Thu Jan 22, 2009
It depends on why she declared bankruptcy and how she rebuilt her credit. I agree that FHA may be the way to go. Many times medical students will live off their credit cards etc. to get through the last year of medical school and 1st year of residency. It is a tough time for them. I believe FHA is now requiring 3 1/2 % downpayment and their guide lines have gotten more strict than it has been in the past. Good luck.
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____________…, Home Buyer, Texas
Thu Jan 22, 2009
A medical student declaring bankruptcy? Smells fishy to me.
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, , Allentown, PA
Thu Jan 22, 2009
Hello Pierrette:
I would recomend an FHA product for this person. Rates are low at this time and LTV's are a high. The buyer will need to have a good explanation of the cause of the bankruptcy and also prove that the payments were made on time to the trustee. She must be at least 2 years out. Most lenders will do manual underwrite on this type a file. All the "i's" will need to dotted and the "t's" crossed. Underwriters will carefully scrutinize this

Michael Moyer
Allied Home Mortgage
548 N. New Street
Allentown, PA 18102
800-721-4228 x 14
0 votes
Gia Albanows…, Agent, Cranberry Township, PA
Thu Jan 22, 2009
Yes, it is possible. Call me and I'll be happy to refer you to a mortgage specialist who can assist you.

Web Reference:
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Marty S, , Irvine, CA
Wed Jan 21, 2009
Two years out is tough, but not impossible. I would sit down with a mortgage broker an discuss your needs.

I am a mortgage Broker. If I can be of further assistance, please let me know.

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
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Rebekah Sieg…, Agent, Pittsburgh, PA
Wed Jan 21, 2009
Whenever I have prospective clients who are unsure if they can afford a mortgage, I always send them to my mortgage representative to get a free same-day pre-approval, so this resident will want to contact either a mortgage representative or a buyer's agent who can put her in contact with one.
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Dale Archdek…, , Philadelphia, PA
Wed Jan 21, 2009
Hi Pierrette, there is not enough info with what you have posted to determine if this person will or won't qualify according to all of the guidelines for obtaining a mortgage. But I can say that someone with a prior bankruptcy is eligible for finanicing if they meet certain criteria. generally two years out from the discharge of a chapter 7 bk as long as they have established good credit. as little as 1 year into a chapter 13 as long as they are following the plan.

Feel free to contact me offline for more info.

Dale Archdekin
Coldwell Banker Preferred Old City
223-225 Market St.
Philadelphia PA 19106
Direct: 215-370-1236
Office: 215-923-7600
Fax: 215-940-8207
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