Scoring 635-645 just over 2 mos. from Ch7; can I get a mortgage?

I have been sifting through treads for the last couple days and it seems that if you have over 620, banks are dying to serve you.

I gave lending tree my info and they couldn't match me with anyone nor could GetSmart (lending tree partner?).

I applied at lowermybills.com and they referred me to United Mortgage Lenders. The gentleman on the phone seemed very courteous and to the point. He verified some info and called back about an hour later saying the best they could do is a "sub prime loan" that had to get me to put 10% down for a targeted $140,000 home. Then I would "roughly" be at 9% interest rate for 40 years financed.

I am single <30yrs old bringing in about $45k of verifiable income. I have no bills and two unsecured credit cards. Again, scores are in the 635-645 range and I am just over 2mos. from discharge. Why must I scrounge up $14,000 if I wanna get a house?

Any better lenders out there? Where do I find them?

I was barely 3 months post BK with scores between 625 and 640 and I got 100% financing. 1st mortgage at 7.875% amortized over 45 years and a 11.5% 2nd mortgage over 40 years. Total borrowed is $178k and my monthly is about $1400 including insurance+taxes.

I went through my realtor's broker and she got me something right away. I could have gotten a 10% down at 8% but I couldn't scrape 10%.

My point is it's definately doable. You have to find a decent broker. Stop with the online crap, you get impersonal service and nobody cares. Talk to you realtor and check with their broker. Chances are you might find something decent.

Check with a small, really small local bank. They probably can not help you directly but they probably work with a broker. The broker has a wide range of choices and can probably help.

Not everyone gets good rates right away. My plan is to purchase a house(at a terrible rate) then once I am past the two year point refinance at a lower rate.

I have been sifting through treads for the last couple days and it seems that if you have over 620, banks are dying to serve you.

I gave lending tree my info and they couldn't match me with anyone nor could GetSmart (lending tree partner?).

I applied at lowermybills.com and they referred me to United Mortgage Lenders. The gentleman on the phone seemed very courteous and to the point. He verified some info and called back about an hour later saying the best they could do is a "sub prime loan" that had to get me to put 10% down for a targeted $140,000 home. Then I would "roughly" be at 9% interest rate for 40 years financed.

I am single <30yrs old bringing in about $45k of verifiable income. I have no bills and two unsecured credit cards. Again, scores are in the 635-645 range and I am just over 2mos. from discharge. Why must I scrounge up $14,000 if I wanna get a house?

Any better lenders out there? Where do I find them?


You should be able to get into a home with zero down, there are many lenders that will do it. The only thing I sould think of would be a tradeline issue, did you have any old tradelines that were paid as agreed but with a score over 620 that should not be an issue either. Did y ou give up a home in the BK? You need to keep searching or find a good broker.

I am surprised at lending tree. I have heard a lot of good things about them. I have also heard you should try smaller banks - that they are more apt to help. Dont know that for sure - just heard that. One of the bankers in my township told me they dont look at any loans with a credit score less than 650. Our credit union does but they dont do mortgages. We would be hard pressed to come up with 10% too right now but luckily we have a house.

My bk was pretty simple --- just cc's and a vehicle loan. This will be my first mortgage.

Yeah if I begged like a maniac I bet I could win over my mom (51% family vote) so I could possibly get funding from them for a down payment but I really would rather not.

I can gather up about $4k in two weeks but anything else would be tough.

Thanks for the advice though; I'm gonna look more thoroughly locally.

My bk was pretty simple --- just cc's and a vehicle loan. This will be my first mortgage.

Yeah if I begged like a maniac I bet I could win over my mom (51% family vote) so I could possibly get funding from them for a down payment but I really would rather not.

I can gather up about $4k in two weeks but anything else would be tough.

Thanks for the advice though; I'm gonna look more thoroughly locally.


Do you have any positive tradelines before the BK that were paid as agreed? Have you reestablished any credit? I really think you should be able to get a loan with zero down, easliy you just need to find the right broker. I could think of about 5 lenders that would do your loan now but they are only open to brokers, but I do not have all of the facts so it is tough to say for sure. Did they tell you why you could not get 100% financing?

This person in particular said that my bk was too recent. I have a cap one cc wtih $500 limit and a mysterious $500 line of credit with one of my banks that I've had for 10 years (I though I cancelled it 8 years ago).

I'm questioning if it would be good practice to find a broker thru a realtor.

This person in particular said that my bk was too recent. I have a cap one cc wtih $500 limit and a mysterious $500 line of credit with one of my banks that I've had for 10 years (I though I cancelled it 8 years ago).

I'm questioning if it would be good practice to find a broker thru a realtor.


That is usually a good way to find some one good, because the realtors trust their ability to provide good service and get your loan closed or they would not be working with them. Where are you located?

I know someone who can help, if you haven't found anyone.

I know someone who can help, if you haven't found anyone.

Mrs. Johnson, you have pulled up a old thread which is against forum rules. Also your signature is encouraging people to call you which qualifies for an advertisement - also against forum rules. Please reconsider your signature, and please do not pull up old threads unless you have something more to share than trying to get members to call you about a loan.

MEMBERS, this is a new poster - proceed with extreme caution. This appears to be a thinly veiled advertisement trying to get around our forum rules against advertising - have warned Mrs. Johnson accordingly. Please do not contact him/her until he/she proves him/herself trustworthy.

Ahmen To That Statement For Sure.......

Yeah I actually went to a local mortgage broker who ran my scores with CBCInnovis. It was 100 less than what Experian and TransUnion claim it to be.

My hopes went down the tubes for getting a lower rate and not having to do 80/20. Now I need to find a seller willing to get a note for 20% to cover my 20% over loan.

Or I can wait 10 months when my scores will be higher...