With those conditions the lender may ask for a huge down payment and your APR will probably be extremely high, (maybe 9% or MORE!). So yes it is possible but they may also require you to have a huge gross monthly income as well. Also, exercise TONS of patience because most lenders WILL turn you down with a credit report like that.
With this high credit score you can get a mortgage a lot earlier, if the purchase price of the property supports the appraisal or vice versa and your income supports the future payments.
Adding to below--it shouldn't even be on your report after 7 yrs. Lots of times it drops off before that. Yes, but having the bankruptcy on your credit report is not as bad as most people would think. After a year or so following the bankruptcy discharge (about 4 months after you file) a person can get credit for new cars and for new credit cards even with a bankruptcy on their record, and after another year can even get a home loan, but that is only if they have good present income.
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
The average credit score need to purchase a home is 620.
It is possible to get a Home Depot project loan with a credit score of 620. Home Depot will pull a credit report to determine eligibility of a credit loan.
The time it takes to get home equity paid off after bankruptcy and bad credit will vary depending on how bad the credit score. It will also depend on which lawyer and banks are involved.
After your discharge, you can purchase a home at any time. If you pay cash, you may have some serious problems explaining where the money came from and why it was not reported in the bankruptcy documents. If you apply to borrow, you will have trouble qualifying for a mortgage, since credit score will be low, due to the bankruptcy and the poor credit you had prior to filing. You will have to be serious about repairing your credit score, and it will take 3-4 years for you to do that.
It is hard to refinance any home after 8 months out of bankruptcy. However it will still be based alot on your credit score. Check with if you can believe US Bank as to there guidelines. I have found them very forgiving. Also lenders like a lower loan to value LTV on a mobil home than a stick home.
With this high credit score you can get a mortgage a lot earlier, if the purchase price of the property supports the appraisal or vice versa and your income supports the future payments.
Adding to below--it shouldn't even be on your report after 7 yrs. Lots of times it drops off before that. Yes, but having the bankruptcy on your credit report is not as bad as most people would think. After a year or so following the bankruptcy discharge (about 4 months after you file) a person can get credit for new cars and for new credit cards even with a bankruptcy on their record, and after another year can even get a home loan, but that is only if they have good present income.
A bankruptcy, even a dismissed bankruptcy, will lower your credit score 75 to 150 points. There's really no way to raise it other than by paying your bills when due, and time. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Visit RossLawOffice.com for more information about bankruptcy.
NO
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
The average credit score need to purchase a home is 620.
The credit score 650 is really not that bad. With a 650 credit score you can finance a home or car.
Do things that will improve your credit score. Pay off your credit cards as much as you can, contributing most to the one with the highest interest rate. If you have declared bankruptcy in the past, you should wait until after 10 years before the bankruptcy is no longer listed on your credit report. Look into whether you qualify for the $8000 federal first-time home buyer tax credit.
It is possible to get a Home Depot project loan with a credit score of 620. Home Depot will pull a credit report to determine eligibility of a credit loan.