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What Can I get for a home?

I have bad credit (580), finished a bankruptcy, $25k down payment, $67k annual income. by 2pups646181 from Searcy, Arkansas. May 10th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info needed, but in general.. All major derogatory credit deficiencies have mandatory waiting periods. For BK's, FHA makes you wait 2 years, or 3 years if a home mortgage was involved. For conventional, you have to wait 4 years, and depending on the circumstances (mortgage involved?) it could be 7 years.. Regardless, all lending programs run a tri merge credit report.. and we take the lowest "MId" score of all borrowers to determine loan pricing and qualification.. but it takes much more than a credit score to obtain financing.. we need to analyze your complete loan profile to determine if you meet all eligibility requirements.. In short.. there are lenders (us included) who can lend to borrowers with a 580 mid credit score.. but it's impossible to say if YOU would qualify without analyzing your complete loan scenario. The best advice I can give you is to contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 10th 2017
Brian French (bfrench)
#11 ranked lender in Arkansas - 52 contributions

Good morning! Sorry for the delayed response. Would really need to review your overall profile. It may result in your ability to purchase a home now or it may require time. If you are interested in reviewing, please contact me at We are local lenders in AR with offices in Hot Springs, Little Rock, and Paragould.Thanks, Brian

May 13th 2017
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