Anyone have current experience getting a mortgage after BK? (2009-2010)

[Anonymous]

Hi All,

I was wondering if anyone had any current experience getting a mortgage with a BK on their record.  Lending is so tight nowadays that its hard to compare the situation 3 years ago to today's lending environment.

I had a BK discharged in March 2009 (divorce) and am studiously saving for a down payment so I can buy a home while the house prices are down.

Have any of you had any trouble lately getting approved for a mortgage because of your BK or were you approved? 

My experian credit score is 644.

Thanks for sharing your experiences and advice!

[MarineVietVet]

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@Anonymous wrote:

Hi All,

I was wondering if anyone had any current experience getting a mortgage with a BK on their record.  Lending is so tight nowadays that its hard to compare the situation 3 years ago to today's lending environment.

I had a BK discharged in March 2009 (divorce) and am studiously saving for a down payment so I can buy a home while the house prices are down.

Have any of you had any trouble lately getting approved for a mortgage because of your BK or were you approved? 

My experian credit score is 644.

Thanks for sharing your experiences and advice!

---

Hello and welcome to the forums.

My BK was so long ago I doubt if my experience would help you at all. I will let others with present day knowledge assist you.

One thing I will ask is where did you get that score? No one has been able to pull their own Experian FICO score since last February. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com and your Transunion score at www.transunioncs.com. 

If you bought that score from the Experian website it is called a Plus score not a FICO score.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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Message Edited by marinevietvet on 02-20-2010 10:45 AM

[Anonymous]

Hi marinevietvet,

Thanks for your reply.  I use the score watch here at myfico.com and it says "Your FICO score at Equifax is 644" right on the score watch home page.  I must have gotten Equifax and Experian mixed up, I'm glad you pointed it out!

[MarineVietVet]

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@Anonymous wrote:

Hi marinevietvet,

Thanks for your reply.  I use the score watch here at myfico.com and it says "Your FICO score at Equifax is 644" right on the score watch home page.  I must have gotten Equifax and Experian mixed up, I'm glad you pointed it out!

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Then you're good to go!

[Anonymous]

We just got a mortgage in January and we were discharged from a Chapter 13 in 2007.  Most lenders want you to wait 2 to 3 years after discharge for a loan these days ( or at least the ones we dealt with required that.)

[StarraeAday1]

I do believe that for the most part, the time requirement after BK is 2 years from discharge. That could vary lender to lender, but that's the general rule.