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Trying to find a mortgage loan

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    Trying to find a mortgage loan

    i am 2-1/2 out of BK and looking to find a mortgage in Southern California. I have saved the 20% needed for the downpayment. i heard that FHA loans have better rates.

    Thank you.

    #2
    You may still find trouble obtaining a loan. Whether you can receive a mortgage loan will depend on your credit score, your debt to income factors, and the lender's guidelines. While FHA would allow for a mortgage loan with just 2 years of seasoning post bankruptcy, lenders tend to be more stringent with some demanding 3 years.

    I think the downpayment, if even required, is the least of your hurdles/worries. Check your 3-bureau FICO score (which you can only really get 2 of them -- Trans Union and Equifax). Then you need to shop, shop, shop the loan.

    I'm sure a lot of people on this board would love to hear about your journey and when you finally close on a home. Best wishes.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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