I am wondering if my husabnd and I will be able to obtain a mortgage with credit scores in the high 500's low 600's. We have no money to put down and will be two years out from our BK in 01/2008. Now that guidelines are stricter what are our chances of obtaining a 200,000$ loan?
2007-10-03 10:14:50 · 7 answers · asked by missy l 2 in Business & Finance ➔ Renting & Real Estate
I just talked with a friend of mine who got a loan with a score of 592 and a negative balance in her checking account, so anything is possible.
2007-10-03 10:22:30 · answer #1 · answered by 12BNBDA 3 · 0⤊ 0⤋
You're going to need a down payment. Even before the tightening of the guidelines, the bk would need to be off for at least two years to get a 100% loan. Unfortunately, even FHA will have a major problem with 0 money down right now. If you can hold off until after January and save at least 5%, you'll be a lot better off.
Good luck.
2007-10-04 19:48:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
With no money down and no closing, none unless through a loan shark and you will end up in the same situation again, but without the ability to get bankruptcy protection. Raise your credit score first, and save up for a downpayment, FHA only requires a little less than 3%
2007-10-03 17:24:42 · answer #3 · answered by Pengy 7 · 1⤊ 0⤋
Yeah the FHA is your best shot. They have grant programs you can try to qualify for as well. If you have compensating factors, liquid assets, long time on the job, good trade lines since the bk, low debt to income, etc. That would really help your cause. The explanation of the derogatory credit is really important as well.
2007-10-03 17:47:10 · answer #4 · answered by marxistharpist 2 · 0⤊ 0⤋
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2007-10-04 23:37:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Missy,
thanks for the giggles.
suggest u visit daveramsey.com to learn what u haven't so u don't repeat the past mistakes.
u have no money then u should NOT buy a house to drown u agin. rent so we won't visit u.
u need the truth not fantasys.
2007-10-03 18:16:58 · answer #6 · answered by Anonymous · 0⤊ 1⤋
depends on the bankruptcy....if it was 13...then it's 1yr for FHA...if it was 7...then you need to wait the 2yrs.
FHA requires a 2.25% down payment
MyCommunity is a zero down program...but you need a 620 to avoid high PMI payments
2007-10-03 17:18:44 · answer #7 · answered by Anonymous · 0⤊ 0⤋