Getting A Mortage Loan
How long after chapter 7 would you estimate it could take to get a loan for first time buyer? I want to buy and have about 30% to put down. My credit was good all the way up until I claimed BR about two years ago, with the exception of the high amount of revolving credit. I kept one of my auto loans, a credit card and have never been evicted from a rental, and have never been late on the payments.
There are so many options all involving how much downpayment, credit scores, etc. Lenders all have different criteria for how they view a person fresh out of bankruptcy. An excellent book just came out "Yes, You Can Get A Mortgage" written by Brian Sacks. Although half the book is appendices, it contains valuable information on dealing with lenders, filling out applications etc. (No, I don't have a financial interest in the book!). It is available on Amazon right now for $29, which I considered an investment in our future. You might also be able to find it at chain book stores. I found it a wonderful resource and also gives a person fresh out of bankruptcy new hope. It should answer most of your questions on mortgages. BTW, our situation was the same as yours, never having late payments until told to stop paying by our lawyer. We were never late on mortgage payments, except only the one lender a lawyer had previously told us to stop paying because we were filing a lawsuit against them. Other then that, our FICOs were in the 700s with no late payments to speak of. You are at the point where you can purchase a home. Contact me if you would like a loan analysis without running your credit. Keep in mind also that every time your credit is run it weakens your credit score. Keep doing what your doing. FYI the fact that it is 2 years, the fact that you have a credit card, and the fact you have an existing auto loan all combine to make very easy to get you a very good interest rate on a home purchase. Good Luck!
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