I have a chapter 7 bankruptcy on my credit report, it was discharged almost 2 years now. My credit score is low and so is my husbands. How could we get a loan for a house?
Dear Stacy,
If your credit score is below 620, you will need a down payment. IF you have not had any lates AFTER your bankruptcy, AND you can prove ALL income in the same profession at least 2 years, AND you meet certain income guidelines for your area, you MAY qualify for what is called a MY COMMUNITY loan. If you can NOT qualify with the my community, you MAY qualify for an FHA loan provided you have about $ 1000.00 to pay towards closing costs.
Best advice, sit down with a real mortgage professional that has access to these types of programs. Some programs require a 4 years (48 months) out of BK 7 before they will issue a mortgage over 80%. Spend some time with a mortgage professional.
Shoot me an e-mail, I can offer some suggestions if youlike.
Hope this helps.
