Can i qualify

If you BK was a Chapter 7, you may have to wait 4 years since the discharge unless circumstances beyond your control led to it in which case your wait could be as little as 2 years. You will, however, have to articulate the circumstances convincingly to eliminate the 4 year wait. If your BK was a Chapter 13, there's a 2 year wait afte ther discharge. Considering this occurred in 1/09, you should be good to go right now. You should be able to get a conventional loan, although, with a 650 FICO score and the BK it may be a little costlier and at a higher interest rate than if your score was 720+ without the BK, however, with interest rates where they are right now I would imagine that your will be able to get one in the 4s. There are some lenders doing 80/20 loans. I only work with CA borrowers so I can't help you with any of this other than by giving my advice. Contact a local, savvy mortgage broker to move forward.

Unfortunately 80/20 loans have all but dried up, and even if you were to find a local Bank or Credit Union that still offered it, with a BK in your recent past, it is extremely doubtful you would be approved. The good news is that FHA loans only require a 3.5% down payment and assuming you have rebuilt your credit since the BK was discharged, you would likely qualify. The down payment can even be gifted from a family member. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will also be able to work with you to make sure everything on your credit report is reporting correctly. Many times incorrect reporting from one of your old creditors can mess up the process. Good luck to you.

A conventional loan with a score of 650 may be difficult in Utah. However, you might qualify for an FHA loan which generally has a 640 criteria. I do not know of any lender who will do an 80/20 loan. If you are worried about a down payment, an FHA loan requires 3.5% down and you may get the down payment as a gift from a relative. There are some programs in Utah that help with down payments. Some Utah cities have down payment assistance programs and Utah has the Utah Housing Loan which offers an FHA loan and a second mortgage for the 3.5% down payment. I'm a Utah lender and would be happy to go over your situation and give you information that might help you make decisions on a home purchase. Linda Miller 801.550.1222

The short answer here is yes, you should be able to get a loan, but not a conventional loan. Conventional loan requirements are now 4 years minimum from the date of bankruptcy discharge; 5 years if there are multiple bankruptcy filings. You wouldn't even want to look at a conventional loan with a 650 score anyway, as it would be a considerably higher rate with all the "risk-based adjustments" that Fannie Mae/Freddie Mac have added. You should be best served by an FHA loan with 3.5% down, assuming you've established some new credit since your bankruptcy discharge. This doesn't give you the 80/20 loan you're want (which I haven't seen available for a long time), but assuming you haven't owned a primary residence in the last 3 years you may actually qualify for a Utah Housing loan if you can get your credit score up to 660, and meet a few other guidelines and assuming we are talking about you purchasing, not refinancing.I'm a mortgage broker here in Salt Lake; I'd be happy to give you the local advice and help you need on your credit and loan.Email me at brett@homeloansinutah.com or call me at 801-918-9385 and we'll get started.

You qualify for FHA financing. It only requires 2 yrs past the discharge date. If you are wanting 100% financing consider using USDA financing. As long as the house you are purchasing is on the USDA qualifying list you should be good. Contact me when you have the property address and I will let you know. If you are out of work for a significant amount of time then you will need to be employed full time for a miniumum of 6 months prior to loan application. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Your not outside the 4 year window yet.