11-14-2012 05:10 PM
Hello Everyone-I will be 24 months post BK next month. My conventional WF mortgage (that I acquired in 2006) was IIB. I have been looking forward to becoming a homeowner once again and hope to be able to confidently apply soon. So here I go... I have opened 3 cards since my discharge Cap 1 secured 400$ , Cap 1 rewards unsecured 2k, NFCU now unsecured was 1k now 4.5 cl. Just purchased a car through NFCU 60 mo's 1.79%. I am thrilled. I transferred the 1k NF put back in my savings on my new car loan. Pretty cool. My scores are going up, EQ especially. I'm shooting for a mid score around 680 by mid-Dec. I plan to go through Navy Fed as they seem to have the best rates and they are really pleasant to work with. I have a decent income but just started this job a month ago. My employment background is otherwise stable. Should I go for it or wait? Any thoughts of concerns or otherwise is so much appreciated in advance. Thanks Everybody!
11-15-2012 06:37 AM
Has your income increased with this new job? FHA likes to see two years steady employment preferably with the same employer and your income should be stable or increasing. I know they only require 2 years since bankruptcy, so you should be good there. Good job on increasing your scores!
11-15-2012 04:45 PM
Yes up about 14k. Very awesome. I'm concerned about my prior mortgage IIB. That is the way it reads on my reports but they foreclose too. So, I am reading alot of conflicting info so I am unsure about the waiting period. I hope it's two years. Thank you so much for the congrats!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO