Looking for help on getting a mortgage.

[indiananorm]

I have went through a long divorce and ended up having to file Chap 7 bankruptcy a little over a year ago.  I have since remarried and am looking to buy a house if possible.

My credit score is 651 and my wifes is 730.

We have secure jobs and make about $90000 a year.  We have about $20000 is total dept.  Looking to buy about a $150000 house.   

Thanks for any help!!

[MarineVietVet]

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@indiananorm wrote:

I have went through a long divorce and ended up having to file Chap 7 bankruptcy a little over a year ago.  I have since remarried and am looking to buy a house if possible.

My credit score is 651 and my wifes is 730.

We have secure jobs and make about $90000 a year.  We have about $20000 is total dept.  Looking to buy about a $150000 house.   

Thanks for any help!!

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Hello and welcome to myFICO.

I will let the mortgage experts give you their advice but I need to ask you where you got your scores. Many, many places will sell you a "credit score" but FICO scores are what the vast majority of lenders use and that's the scores you need to know.

No one has been able to buy their own Experian FICO score since February of 2009. 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 Transunion score at www.transunioncs.com. At www.equifax.com EQ will still sell you an EQ FICO score but they make it very hard to find.

[indiananorm]

these scores were supplied by our lender when we bought a car about 2 months ago.

[MarineVietVet]

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@indiananorm wrote:

these scores were supplied by our lender when we bought a car about 2 months ago.

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At least you know they are FICO scores. Out of curiousity do you know which score they pulled? Experian, Transunion, or Equifax?

Also do you happen to know if they used what is called a FICO auto-enhanced score? The major difference between FICO scores and FICO auto scores is that the auto scores rate you more on how you've managed your previous auto credit. Most car lenders primarily care about how you’ve paid your auto loans. The auto score gives them this information.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

[indiananorm]

they gave us the middle score of the 3 scores.

[Anonymous]

unfortunatley most lenders are requiring 3 years post bk.  It used to be 2 years but alot of them have tightend up restrictions so typically you need 3 years post BK for a new home loan and credit between BK and home loan needs to be perfect.  You still may find a lender doing 14 months post BK discharge, but good chance everyone will be asking for 3.  As far as buying right now just a little over a year post BK, there is little chance. 

[indiananorm]

Does anyone know if credit unions are more lenient when it comes to the bankruptcy??

[Anonymous]

No, credit unions are typically stricter on requirements than brokers or larger banks, but it varies.  No lender will be able to get around the minimum requirements for post BK lending.  It will likely be 3 years post disharge before you can get a loan.  You might find a place that will do it in two years, but that has kind of gone away.  One exception is if you qualify for USDA loans.  I believe they do have a little different requirements.

Also beware, even a single late post BK is enough to kill a new mortgage. 

[indiananorm]

I think we may make too much to qualify for a USDA loan.

Would it help to find a loan if we get to 80 ltv??

[ShanetheMortgageMan]

Just about nearly all lenders FHA programs still adhere to the 2-year discharge requirement on Ch 7 BK's.  Very few lenders require a Ch 7 BK be discharged for 3 years before they'd offer FHA financing, there are some out there though.