With a 651 credit score, 3.5-5% down and chapter 7 bankruptcy - is there any possibility of being approved for a home loan?

Asked by jaramillo_lucero70, Mountain House, CA Thu Feb 28, 2013

Help the community by answering this question:

+ web reference
Web reference:


Tinarsha Brown’s answer
Tinarsha Bro…, Agent, Tracy, CA
Fri Mar 1, 2013
If you have a chapter 7 that was discharged 2 or more years ago, yes, it is possible to purchase a home with a credit score of 650 and above with 3-5% down. If you are in need of a lender who can work with you please feel free to contact me for that information.

Tinarsha Brown
Broker ~ REO & Certified Short Sale Specialist
DRE LIC#01332810
Code 3 Realty
Mobile: 408-829-5815
Office: 866-371-0739 x 3
email: Tinarsha@Code3Realty.com
"Turning Houses Into Homes One Family At a Time"
0 votes
Joycelewis412, Home Buyer, Sacramento, CA
Sun Aug 18, 2013
Fannie Mae will allow you to buy after 2 years of closing with 20% down.

Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
0 votes
Robert Chome…, , San Diego, CA
Sat Jun 29, 2013
If your chapter 7 bankruptcy discharge is over 2 years old absolutely. You can apply for a FHA loan. If the bankruptcy discharge is 4 years old you can apply for a conventional home loan.
0 votes
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sat Jun 29, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is only a six month waiting period. Good to see lending options coming back.
0 votes
Curly Sue, , Texas
Wed Apr 10, 2013
How old is your bankruptcy? If it's over 3 years you can go FHA with 3.5% down.
0 votes
Saba Kamran, Agent, Tracy, CA
Tue Apr 9, 2013
There is no possibility in this market for a buyer with low down payment. Prices are rising. Appraisal does not hit the value and buyers need to punch in more money in order to get the home at the offered value. Sellers are not going with the appraisal. My advise to you will be go and buy a brand new home and contact their lender as you will need to take approval from new home lender any way in order to be on their priority list. Seriously it will save you a lot of time.
Google for new homes in the area of interest. Some of the builders are: Shea homes, Standard Pacific, Lennar, Pulte, Meritage, and so on.
Please refer me as the source of information when you buy your home I will highly appreciate and will offer something in return.

Best regards,
Saba Kamran
0 votes
Rocky G.H. H…, Agent, Ripon, CA
Thu Feb 28, 2013
The best thing to do is check with a lender.

Rocky G.H. Hawrysz
Prudential California Realty
(209) 444-6610 Direct
(209) 433-2000 Fax
License No. 01468373
0 votes
Search Advice
Ask our community a question
Home Buying in Mountain House Zip Codes

Email me when…

Learn more