what are my chances?

[sunnie_321]

I would like to buy a house at the end of summer.  My current scores are 591 TU and 609 EQ.  I have negatives on my report from 2010. These range from charge off's to late payments. The reasoning for that is I was in a nasty custody battle with my ex and lawyers naturally bled me dry.  I should also mention that I have a BK- chap 7 from 2002 due to my ex as well but its going to fall off my report in september of this year.  What are my chances of being able to get a mortgage by end of summer? Oh i have 4 open TL's that have no late payments in 2 years 3 are 0 balances and 1 is at a $2500 balance with a $4500 limit.  I also have an auto loan that has one more payment left. I am looking to go for an FHA mortgage of about 150-200k. 

[jaypeedee]

From what I have read, you may have to wait another year.  I am also in similar situation with a charge off on my reports.  Your score will qualify you for an FHA though, you may need at least 10% down.  It looks like you should wait at least 2 years before even trying to apply for an FHA type loan.  FHAs guidelines also want at least 10 years from BK, I believe.  The only and best way to know is go talk to a lender.  Just bring in your credit report and explain the situation.  Considering the other issues at hand, like your divorce, they may use that in your favor when you are explaining your poor history.  Read up on FHA loan guidelines on HUD.org.

[LIGHTNIN]

I would say wait also.You will be richer that you did.

Because with a higher FICO scores you can get a better interest rate, that could save you thousands in the long run.

Owning a home costs alot of money, not only the loan then there are taxes and insurance too.

Oh and then the repairs and upkeep of the home cost too.

You are on the way, keep up the good work. Get your FICO scores higher.

To tweak your score to the best FICO score, you have 4 CC's,have 3 report a 0balance and 1 report around 9% of the CL. 

Save for a down payment and especially keep an emergency fund.

Owning a home is the Biggest purchase you'll ever make if your life. So be wise, when making this step.

Oh wait a minute, you are wise you're here. Keep taking the small steps to your dream home. 

To start with, check this out.....http://www.myfico.com/HelpCenter/Mortgages/

Also check out the stickys aboveGood Luck to YOU..