yes i have a 623 fico score and a bankrupcy back in sept 2011 will i be able to get qualifed?
62 months ago
I would speak with a mortgage lender about your possibilities, but with your current bankruptcy it will be difficult to find a program to qualify for - including the USDA loan program.
The only loan which will do a mortgage 2 years after a BK is a VA loan. Every other loan type is at least 3 years. EXCEPT, if there are special extenuating circumstances, then youmight be able to get a FHA loan. Additionally, there are some lenders that will go to 620, but due to the higher risk, their underwriting guidelines and overlays are generally a little stricter. Due to the recency of your BK, you have plenty of time to improve your credit score. I can help you with that for free. just contact me and I will be happy to help you.
Some banks/mortgage companies will do it after the 2 year mark (from discharge) but most are 3 years. Again some will do a loan with a 620 (my lender will) but alot of them are 640 and above. USDA loans (only available in Rural areas) require a 680 (if think- I am a Realtor not a mortgage guy). Call me if you have more questions - my lender will pull your credit (FREE) and tell you want you need to do to get your credit straight and ready to buy a house. call me - Re/max 770-789-2401.
The bankruptcy is too recent for a USDA mortgage. Pull all 3 credit bureaus on you and make sure everything is reporting correctly (such as all accounts included in the BK should show a zero balance and state it was included in the BK). Make sure you pay any rent on time each month and pay by check. Also make sure you re-establish new credit such as credit card accounts and just charge $30 or so per month and pay off the balance every month.
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