What are the min credit scores to obtain an FHA & Conv loan in PA after a chpt 7 bk

FHA requires a 2 year waiting period after a BK 7. However if there was a home involved (foreclosure, deed in lieu), then the waiting period will be 3 years from the date the property transferred out of your name.. minimum credit score will be 640 for most lenders, however there are lenders that go down to 500 credit scores... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Every investor sets their own minimum FICO score, but since you have two full years between the date the chapter 7 is discharged and the date you can close escrow, you have ample time to get your credit cleaned up and your score well above the 640 min that will allow you to qualify for all of the lenders' programs, which will get you the best rates and fees. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Hello. You have to wait until 2 years from your discharge date. We have lenders that go down to a 540 middle credit score so feel free to give me a call to discuss more. 201-962-3555 Michelle

I have options but it has to make sense and explanations will be needed. I recommend that you speak with the brokers like myself that can offer options below the traditional 640 scores but also weigh the benefits of repairing your credit to enjoy the best rate that you can get. FHA is a very liberal program but once you go outside the traditional parameters the potental costsw of financing will increase. There other things to consider - if it is a streamline or not and if you are indeed going from an old FHA the UPMIP can be significantly different depending when you last financed. Every single family has a very unique situation that there are Loan Officers standing by to give you straight answers. This site is great to find who might be available and who has the general product to help you reach your home financing goals. I recommend strongly that you call one or even better a couple of us directly to run the scenario for you.