Bankruptcy

[amiencc]

My BK was discharged 15 months ago...I know they say you can qualify for a home loan after two years at subprime rates...but my FICO score currently is 702. I have 9 more months to go before the 24 month waiting period is over, and I am assuming I can get my FICO score up a little higher by then, but even 702 is not considered a subprime score. Would my score hold more weight than the bankruptcy? Would I be able to qualify for regular rates, do you think?

[monro411]

---

amiencc wrote:
My BK was discharged 15 months ago...I know they say you can qualify for a home loan after two years at subprime rates...but my FICO score currently is 702. I have 9 more months to go before the 24 month waiting period is over, and I am assuming I can get my FICO score up a little higher by then, but even 702 is not considered a subprime score. Would my score hold more weight than the bankruptcy? Would I be able to qualify for regular rates, do you think?

---

I dont think you should have a problem getting a conventional mortgage now.  But if you want to wait 9 months  dont worry too much about your fico score at this point.  just do not get anymore negative hits on your credit report and you should qualify for an FHA loan.  Even if  FHA adopts newer guidelines that allows them to look at your score you should be fine.  I heard if those guidelines ever get in place their score requirements will be in the mid 500's along with 1 year of perfect credit (2year of perfect credit if you have a BK).

[bellarosa717]

Hi,

I was discharged of my bankruptcy about 2 months ago. My credit score went from 500 to 638 in about 2 months. My rent is outrageous in NY. Everyone tells me that my rent is more than what I would pay in a mortgage. I have about $10,000 in savings. Would you suggest I wait that 2 year mark? Any advice would be greatly appreciated.

Thanks!
Rosa