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Will I have a problem getting a loan with a BK 3 years ago?

by c.mills704 from Lockport, Louisiana. Jun 27th 2016 Reply

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

More info needed, but in general, FHA, USDA and VA allow for a home purchase 2 to 3 years from the discharge date of your BK...while conventional requires 4 years. But there are many more eligibility guidelines that must be met.. What are the credit scores of all the borrowers? Most lenders want to see a you have reestablished before allowing you to purchase again.. Some lenders will lend to borrowers with a 640 to 620.. while others will go even lower.. some as low as 550, but understand the lower the credit score, the more strict the guidelines and few that apply actually get approved. Was there a home involved in your BK? if so, then you might need to wait 7 years for conventional financing.. The best advice I can give you is to contact a LOCAL mortgage 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 your LOCAL 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 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 larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Jun 27th 2016
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