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Laruud, Renter in Murfreesboro

how long should we wait after late payment to try to buy a house?

Asked by Laruud, Murfreesboro Sun Feb 5, 2012

we had a bankruptcy 2 years ago and have been doing a good job of getting credit back in order. Now 2 years later we got into a car accident and missed alot of work. This caused us to get behind on bill and we missed 2 credit card payments and a car payment. We are a one income family making $25,000 a year. Credit dropped from almost 700 to about 600 ish. Now I know we cannot try to buy now as our original plan. So should we try to build credit for the next year or will it take longer to rebuild that history. What are the qualifications for FHA loan? We were looking at about an $80,000 house. We have been renting for 4 years now.

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my best answer is to speak with either a banker or mortage broker. They know best! I have some excellent financial professionals that I can suggest. Feel free to contact me for specific names and companies.
0 votes Thank Flag Link Mon Feb 6, 2012
Great Job on working on your credit. I have a lender that may be able to help you get things in prospective. If you are interested please click on my contact information and let me know. Awesome job on getting your credit score there after a Bankruptcy......
Web Reference: http://www.sukeeta.com
0 votes Thank Flag Link Mon Feb 6, 2012
In my view, your question is better directed at a mortgage professional Try direct lender, April Ranello,(773) 435-0979. I met her through a client and to date her knowlege has been impeccable.

Francesca Parizio, Broker Sales Associate,ePro, SRES
732.606.2931 (direct/cell)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sun Feb 5, 2012
Good job with working on the credit. I have lenders that will lend with credit scores as low as 600! The bankruptcy shouldn't be an issue. You might be able to buy now! I would love to talk to you about it! If you decide to work on your credit I have a system that takes your situation and tells you exactly what you need to do to get your score to where you want it! Contact me... I would love to explain it all to you and answer any of your questions!

Jessica King
Murfreesboro Real Estate Agent
Exit Realty of the South
Cell: 615-971-1006
Main office: 615-220-0700
0 votes Thank Flag Link Sun Feb 5, 2012
You need about a 620 credit score. Typically if you have a lender willing to think outside the box, you can write a letter explaining to underwriters why you were behind. The bankruptcy after 2 years is typically not an issue as long as your score is good... Kudos to you for being able to get your score that high after a BK. Shows your responsibility to future debt.
0 votes Thank Flag Link Sun Feb 5, 2012
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