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Need Help!!!!!
I am 48 y/o single female in Alabama. I filed Chapter 7 in November 2008, discharged April 2009. I would like to purchase me a home. Currently paying $525.00 a month in rent for a one bedroom home. I am currently a member of myfico and recently had a EX score of 580 to drop to 547 due to a past auto loan that was included in my bankruptcy that stated that I was 30 days late in June of 2009 with a balance of $ 0. I have disputed this bad trade with Equifax, do anyone think that once they do the checking and I find out that they have made a mistake that they will increase by score back to 580 or better? Working hard at maintaining a better credit rating as I would like to purchase a home. Also, do I need to wait the 2 years to get a home loan? That $8000 that the Government is offering really would be nice to have included in a loan. PLEASE HELP!!
Welcome to the forums! I'm moving this over to Mortgage Loans. There's some here who can better answer about lender's requirements, esp. after a BK.
You'd really want to get your two FICO scores (EQ and TU; it is impossible to get your EX FICO unless from a lender) and work off those reports to see what is hurting the most. Ideally, you'd want both scores beyond 620 before considering a home purchase.
I'd suggest reading the following:
Common Abbreviations
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
and What Steps Do I Take - great for learning the repair process.
WIth FHA you have to wait 2 years from the Discharge Date, not the File Date.
You also have to have a Minimum 620 FICO score in order to qualify for the MIP.