Hello Stef, yes, I have done a number of Chapter 7 bankruptcies with FHA, doing one right now. I would need to understand more about your credit situation.
The three areas that a lender looks at qualifying a borrower are:
1. Credit score – minimum of 620 FICO for FHA is needed, the higher the score, the better rates you will get!
2. Loan to Value (LTV):With FHA, you will need 3.5% of the purchase price as a down payments.
3. Debt to Income (DTI): 45% of monthly debt to monthly gross income.
To get todays rates and fill out an application, please go to my secured website at http://www.guaranteedrate.com/MaryKayLaurent
You will be able to look at different loan options and APR and by selecting the green application button, you can setup you login information and fill in the application and run your credit (you can keep a copy – it is free) plus you get $150 off your closing costs!
Once you run credit, I will be able to review it and see what your options are to purchase a property based on your credit history and your income.
Stef, I would love to work with you, give me a call at 773.516.6859 to get started!
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740