What credit score do I need to buy my first House?
by Author on Tuesday, August 24th, 2010 | 3 Comments
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The BK is not a problem at this point.
I would, however, wait until my divorce is final, because in some states, especially community property states there is a possibility that you could be in court dividing the house.
That is the only reason I would wait, but for no other.
After that is complete find a local mortgage broker through a referral or in your telephone book.
Complete a loan mortgage application after which the mortgage broker will run a credit report on you to find out your credit score.
This will tell him what loan programs you are qualified for as well as the interest rate you can expect. He will be able to tell if you will be able to get a 100% loan or how much you will need to put down on your new home.
While waiting for your divorce to become final try and get your student loans manageable. Hit the Internet there are many sites that will refinance the student loans into one so you interest rate and payments might be lower.
I hope this has been of some use to you,good luck.
"FIGHT ON"
alot of things go in to getting a loan i am a mortgage broker if you have ben paying since the bk you could proply get a 80% loan with a 500 mid score my email is mortgagehills@yahoo.com i will be happy to ansewr any ?
You can get a mortgage loan 1 year after your bankruptcy has been discharged. If your looking for a free consumer website go to http://www.mortgageawareness.com , they have free advice for first time home buyers, they also explain how your credit score effect down payment and interest rates on a new mortgage loan.