post bankruptcy and fairly good score.

[Anonymous]

I was discharged with Chapter 7  2 1/2 yrs ago. My FICO 5 score, for mortages, is 725. FICO 8 is 700. I have never had any late payments on any types of extensive credit, with a lot of depth, either before, during or after the bankruptcy. I declared bankruptcy for a legal court case, but paid all bills except some laywer fees.

The advice I have received in this forum in the past year has helped me to increase my credit scores. Thanks!   I wonder how far I am off from being able to purchase a jumbo loan in the San Francisco Bay area, pretty pricey homes here. Any insights?

I tried to see what I could do, maybe take out another credit card to increase my credit score, but the score simulators said my score would go down. It suggested that I payd down my credit cards to increase my FICO 8 by 25 points, but I pay them off in full each month. Some I don't use  to stay at a low debt to credt ratio. Not sure what else to do. Car paid off so no installment debt that would help.

Any insights on these matters would be appreciated.

[Anonymous]

From Fannie Mae Selling Guide 12/15/15

Bankruptcy (Chapter 7 or Chapter 11)

A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action.

Exceptions for Extenuating Circumstances

A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.

[Anonymous]

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@Anonymous wrote:

I was discharged with Chapter 7  2 1/2 yrs ago. My FICO 5 score, for mortages, is 725. FICO 8 is 700. I have never had any late payments on any types of extensive credit, with a lot of depth, either before, during or after the bankruptcy. I declared bankruptcy for a legal court case, but paid all bills except some laywer fees.

The advice I have received in this forum in the past year has helped me to increase my credit scores. Thanks!   I wonder how far I am off from being able to purchase a jumbo loan in the San Francisco Bay area, pretty pricey homes here. Any insights?

I tried to see what I could do, maybe take out another credit card to increase my credit score, but the score simulators said my score would go down. It suggested that I payd down my credit cards to increase my FICO 8 by 25 points, but I pay them off in full each month. Some I don't use  to stay at a low debt to credt ratio. Not sure what else to do. Car paid off so no installment debt that would help.

Any insights on these matters would be appreciated.

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Hi Vero - all jumbos are going to require at least a 4-year wait after Chapter 7 BK. Even with being 2 years out of BK, you can still do an FHA loan up to $625,500 here in certain counties in the Bay Area (Contra Costa, Alameda, Santa Clara, Marin, Napa, SF, and San Mateo counties).

[Anonymous]

thanks for the info. I live in san mateo county, and unfortunately the FHA limit comes nowhere near close to what the houses are going for. I dont know if bridge loans can be used.

I would consider a private loan from an investor so that I could have the tax deductions, which are needed.

[Anonymous]

How do you get a private loan from an investor?

[Anonymous]

There are hard equity lender out there, you can google them. Alternatively, and its more of a long shot, advertise in craigslist what you need. There are also local investor clubs throughout the US. Some areas more than others.