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First Time Home Buyer With Recent BK

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Frequent Contributor

First Time Home Buyer With Recent BK

Hello:

 

We are filing chapter 7 BK 12-2018.  After the BK, are goal is to purhcase a home as soon as possible.  The attorney told us 2 years from discharge.  My question is, how can we make sure we are 100% ready at the two year mark.  What can we do to make sure we get the home we want with no problems.  We will have about 35% down cash on FHA.

Chapter 7 BK Filing 06-06-19 MOC 07-15-19
518 - 06-19-19 Experian FICO Score 8
447 - 06-17-19 Transunion VantageScore 3.0
518 - 06-17-19 Equifax VantageScore 3.0
Student Loan Opened 04-2012 Deferred
Auto Loan Opened 01-2017 Never Late
Auto Loan Opened 01-2017 Never Late
Auto Loan Opened 09-2018 Never Late
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Established Contributor

Re: First Time Home Buyer With Recent BK


@CostantinoA wrote:

Hello:

 

We are filing chapter 7 BK 12-2018.  After the BK, are goal is to purhcase a home as soon as possible.  The attorney told us 2 years from discharge.  My question is, how can we make sure we are 100% ready at the two year mark.  What can we do to make sure we get the home we want with no problems.  We will have about 35% down cash on FHA.


3.5% down for FHA. Save the cash for when you can refinance to a conventional loan and let your money do the work for you. Make sure you pay everything on time after discharge and build your credit back up. Ask your bank, community banks, or local credit union for a secured credit card in order to build credit. Keep it at 8% balance and pay it every month. After 6 months of paying it on time, ask you bank if you can upgrade to a regular credit card and work your deals from there. Go to self lender for an installment loan and pay that money back to establish a good diversity of debt and to show that you are paying things on time. Your score should boost from that. 

Mortgage Loan Officer in Greater Chicago Area plus 49 states
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