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Can I buy a $200,000 house?

I currently have a FICO of 660. Bankruptcy discharged january 2010, sold a home short sale 2010. Anual income $98000. Opened 2 credit cards a year ago with paid in full every month, opened 2 personal loans one for $5k, one for $10k. Both paid in full after 2 months. What type of rate would I have, looking to purchase within 6 months. by dsanch_423_125 from Huntington Beach, California. Dec 12th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If you have VA benefits, you can purchase now.. If you only had the short sale, you could purchase now with 20% down, but with the BK as well, you would need to wait 3 years from the date the home was short sold.. then you can look at FHA with 3.5% down... no one here can predict what the rates will be once your able to qualify..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

Dec 12th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

You should start working with a Licensed Mortgage Professional NOW. Here at NOVA Home Loans, we do not make our clients wait until the three years is up. Instead we work with them ahead of time so they are ready to close escrow the day after the are eligible. I am licensed in California and Arizona, so give me a call at 888-889-9950 ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Dec 12th 2012
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Chris Gummerson (cgummerson11)
#394 ranked lender in California - 648 contributions

Hi Dsanch, Once the 3 year mark hits in January, you would be eligible for a FHA home loan, rates are really low right now, as low as 3.25%. If you are serious about purchasing, give me a call and I can help you understand the market in Huntington and how this is the best time to purchase. I live in Huntinton and work for a Mortgage Banker in La Palma, so I understand our current markets and underwriting standards. Good luck!

Dec 12th 2012
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Don Maher (don@ucloan.net)
#373 ranked lender in California - 30 contributions

3 years from short sale date before you can apply

Dec 12th 2012
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Jason Vondrak (jvondrak)
#218 ranked lender in California - 1,741 contributions

Once you reach three years from the date of your short sale you will be able to apply for a home loan. We are a mortgage brokerage located in San Diego and finance homes throughout the entire state of California. Give us a call if you are interested in going over your financing options in detail - 858-605-0952.

Dec 12th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

when was your short sale ? your bk discharge will be fine in jan 2013, i just need to know the date when the house was actually out of your name on the short sale. linda yourloanpartnerforlfie@live.com

Dec 12th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

As others have said, the issue will be when the short sale was completed. Most likely minimum of 3 years from that date. You and lots of other people looking for the end of that 3 years.

Dec 12th 2012
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Richard C. Carlton (Carlton)
#17 ranked lender in Alabama - 14 contributions

It will be 3 years, sorry.

Dec 12th 2012
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

If you have VA benefits, you can purchase now.. If you only had the short sale, you could purchase now with 20% down, but with the BK as well, you would need to wait 3 years from the date the home was short sold.. then you can look at FHA with 3.5% down... no one here can predict what the rates will be once your able to qualify.. Andrew Alfonso! 800 813 3291

Dec 12th 2012
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Doc Compton (DocCompton)
#142 ranked lender in Texas - 15 contributions

In as much as I am not a lender, but a consumer credit expert, I may not be able to answer the question directly, but I would like to offer some advice for exactly HOW you should be paying your monthly credit card bills, as this can potentially push your score even HIGHER! This article contains one of the easiest, and most effective ways to raise your scores with all three bureaus...http://voices.yahoo.com/a-simple-secret-raise-credit-score-8218513.html Please let me know if there's any consumer credit related question I can help you with!

Dec 13th 2012
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