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Two years ago i filed bankruptcy but have rebounded both my life and my credit. I have absolutely no debt minus three credit cards i got to rebuild credit over a year ago. It seems that my credit score has hit a virtual ceiling. I've never been late on a credit card payment nor do i carry balances monthly but it seems my credit is growing fast enough. I'm right under a 600 fico and again, completely debt free. I currently make 175k/yr and have some money saved. I wanted to know what are the chances of me getting approved for a home loan to purchase my first house? I'm also a vet and have the backing of the ohio if i chose to use it. ANY advice is welcome or where i should start looking. Thanks
Andrew- interesting question....I would have liked to know what state you live in as well. It's been a while since I worked on the loan floor so things may have changed and there could be some new programs...but as far as I know...basically...you can not get a traditional home loan. At all. Bankruptcy in the last 10 years is a non negotiable barrier. No assets, no income, no credit is going to fix that....as far as I know. I would be very, very surprised if the big name companies (BofA, Wells, Chase, etc) can get you a loan two years after bankruptcy. Your credit rating WILL hit a brick ceiling and the only thing that will fix it is time. I have to ask...your income is so high why do you even need a loan? I mean just save half your income for two years and then buy. The other thing is that I would advise you against rushing into buying. You just got out of bankruptcy...its great that you are getting things back on track and making lots of money- but why in such a hurry? Take it slow. Use the high income you have to build wealth and make sure you never go bankrupt again...your credit score will improve and then get a loan or pay cash. There's nothing at all wrong with renting a home for awhile...and that you can certainly do with your income. Now, all that said...you might be able to find a loan somewhere. However, I can tell you that you WILL pay a much higher interest rate, you WILL have a significantly higher downpayment, and you WILL probably be paying PMI on top of that. Again...it goes back to why in such a rush??? Unfortunately, I think it's very unlikely....we use to call these sub prime, nonconforming, or unconventional loans...none of which really exist anymore. I think back in the old days you could get around a bankruptcy at the two year mark with high income/assets/and two years of payment history...but not any more i dont think. You don't qualify for a ohio loan...forget about that. They wont even look at you with a 600 score and bankruptcy in the last 2 years...no amount of income or assets will offset that. The requirements are very rigid. If you are really that intent on buying, just call up a loan officer and tell him right off the bat. He should be able to tell you right away if he can get you a loan or not.
This is my recommendation. Do what the first guy told you to do. However, if you can start saving some money like in the 25-50k range. You will have no problem being approved for the home loan as often times. Lenders want some sort of equity already in place before they might even consider you. Continue building your credit. Be sure to actively scan once a month for any discrepancies that might happen.