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Mortgage

Roxanne21
New Contributor

Mortgage

Hello for those that was able to get a mortgage after bk 7 discharge... which company did you go with?

Message 1 of 5
4 REPLIES 4
Scupra
Super Contributor

Re: Mortgage

Find a broker that knows what they are doing when it comes to bankruptcies. Call MULTIPLE loan officers and get a feel for them, make sure you like this person. You will be dealing with this person a lot. If they take forever to respond in the beginning, you may want to think how they will respond to others during your loan process. Good luck and read read read! That way you're not a stress basket in the middle of the loan process.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 2 of 5
aussiesareforever
Established Contributor

Re: Mortgage

I used a well established mortgage brokerage company. I was five years out so they didn't even care about the BK at that point. Didn't even have to write a letter of explanation for the BK.

 

Depending on what part ofthe country you are, there would be many options. You can use a broker or go with an individual bank. Just be sure to do your homework like Scupra said. My loan officer was really impressed by how much I knew about the mortgage process (she even commented that some of the loan officers in her office did not understand some concepts I knew). I felt really prepared and the process was really easy. I owe everything to all the fantastic information I got from these forums!


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018
Message 3 of 5
Roxanne21
New Contributor

Re: Mortgage

Thanks 

 

Message 4 of 5
harleygirl1987
Frequent Contributor

Re: Mortgage

You can get an FHA loan 2 years after discharge, however you'll need the 3.5% as a down payment. I'm not sure if USDA would also give you a loan since it's another government program, but there are options for people out there, even with low credit scores.

Ch7 BK filed 7/5/16, DC 10/12/16
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