Discharged 11/2007 Chap 13; current FICO 642; Can I get a mortgage??

[KellyGreen]

Do I have any shot at getting a mortgage currently? My stats:

Filed Chap. 13 / Oct. 2004 (old law, obviously)
36 month payment plan confirmed and successfully completed
Case closed: November 2007
Current FICO: 642

I've been at my current job 6 years.
Available downpayment: 35% of the purchase price of the condos I'm looking at.

Thanks for replies!

[HHM]

You got a very good shot.

Frankly, you won't need that much in down payment, 20% will land you conventional financing without PMI (purchase mortgage insurance), so hold onto the other cash.

It will come down to income, just be prepared, you probably will not get a sub 5% APRl.

[oldhack]

Yes, you can get a mortgage. I'm an example:

http://www.bkforum.com/showthread.php?t=35631

Frankly, you're better off than I was, down-payment-wise.

[KellyGreen]

Thank you for the replies! It's nice to hear good news!


Quick follow-up question: How important/valuable is the length of time at my current job? If I get a new job within the next month or two, will it affect my chances at mortage approval?

I ask this because I just can't freakin' stand my job and I need to find a new one!!!! (I know right now is a terrible time to think about this, but, really.... I can't stand it!!!!)


Thanks!

[oldhack]

...How important/valuable is the length of time at my current job? If I get a new job within the next month or two, will it affect my chances at mortage approval?..

The simple answer is, I don't know. I'm in my current job almost 24 years, and darned near recession-proof.
Just off the cuff, though, I'd suggest you stay in your current job till close, anyway, should you find a lender.

[Logan]

The simple answer is, I don't know. I'm in my current job almost 24 years, and darned near recession-proof.
Just off the cuff, though, I'd suggest you stay in your current job till close, anyway, should you find a lender.

2 years in the same line of work is the requirement for a mortgage. The only potential problem with changing jobs just before you get a mortgage is the lender may want an explanation of why you went BK and why it won't happen again. To say your job is secure when you've been there only a few months might work against you.

You should find a mortgage broker and get pre-approved and ask their opinion since it's the only one that really counts.

Logan

[KellyGreen]

Thanks again for the replies! The information makes sense (and is exactly what I was afraid of - I'm going to have to "grin & bear it.")

[Logan]

Thanks again for the replies! The information makes sense (and is exactly what I was afraid of - I'm going to have to "grin & bear it.")

Check with a lender.