I have a low-average credit score but an excellent paying job and only 9% debt to income ratio...

Asked by Beatrice31, Chicago, IL Tue Mar 26, 2013

Are there lenders with whom I can get a home loan to buy a small Chicago condo?
My credit score is 566 and climbing, three years out of a bankruptcy. I have tenure in my job and net income per month of $6000.

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Answers

12
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sun Aug 4, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes
Andrew Luett, Mortgage Broker Or Lender, Chicago, IL
Sun Mar 31, 2013
Hello Beatrice,

For a Charter 7 Bankruptcy you can obtain a Fannie Mae or Freddie Mac loan 4 years from the date of dismissal or discharge.

For a Charter 7 Bankruptcy you can obtain a FHA loan 2 years from the date of dismissal or discharge with reestablished good credit (& a 640+ fico score).

For a Charter 13 Bankruptcy you can obtain a Fannie Mae or Freddie Mac loan 4 years from the date of dismissal or 2 years from the date of discharge.

For a Charter 13 Bankruptcy you can obtain a FHA loan after 1 year has elapsed with satisfactory payment performance. Permission from the court to obtain a mortgage is also required.

Hopefully this helps.

Thanks,
Andrew
Web Reference:  http://www.luettmortgage.com
0 votes
Helen Mandel, , Chicago, IL
Wed Mar 27, 2013
You neeed to start working with a lender so that you could improve your credit score.
Lenders do have an FHA program that is more lenient on the credit score and looks at over all credit profile. I recomend contacting David Radke at Standard Bank. He is excellent at helping people to improve their credit and purchase a home. He can be reached at (312)218-4888
0 votes
Ivan Sagel, Agent, Chicago, IL
Wed Mar 27, 2013
Beatrice,

It sounds like you might be one more year away from buying a home. You need your credit score in the 650+ range.

Best regards,

Ivan Sagel
@properties
312.515.7823
Ivan@atproperties.com

I always appreciate your referrals…
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed Mar 27, 2013
Get your credit score up, keep on working, and save more money for the down payment.
0 votes
JIM Michaels, Agent, Chicago, IL
Wed Mar 27, 2013
Wesley Jura
Vice President
NMLS#225274


5901 N. Milwaukee Ave. Suite G.
Chicago, IL 60646
Cell Ph: 312-405-2404
Direct: 773-304-3412
Fax: 773-304-3413
wjura@unitedequity.us
http://www.unitedequity.us
0 votes
Matt Laricy, Agent, Chicago, IL
Wed Mar 27, 2013
You would probably new o get your credit score up a little more. I would speak with a lender about how you can go about building it up.
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Wed Mar 27, 2013
Hello Beatrice
The good new is that you are on your way on the up and up - but you will need to continue to buiild your credit to qualify. A 640 is a low- average credit score and the minimum requirement for most lenders for FHA financing. I would recommend speaking with a lender to build your credit so that you can make sure you not only qualify for a loan - but also make sure you qualify for the most cost effective loan, and credit score can play a key part.
I would be happy to help if you would like to speak
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes
Joseph Roraff, Agent, Onalaska, WI
Wed Mar 27, 2013
Definitely talk to a mortgage lender in your area.
0 votes
Philip Sencer, Agent, Chicago, IL
Wed Mar 27, 2013
My web site has some lender references. Give them a call.
0 votes
Joe Schiller, Agent, Chicago, IL
Wed Mar 27, 2013
you need to call guaranteed rate and tell them that you need to speak with michelle bobart and you will get the best deal in town.. done!
0 votes
Saul Garcia, Agent, Chicago, IL
Tue Mar 26, 2013
Check out Neighborhood Housing Services for a loan and down payment assistance.
0 votes
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