home mortgage loans

antwon c asked:


My husband and I would like to purchase a home but are credit scores are around 490. My husband filed Bk in Feb 05, it has since been paid off. We have no car payments, credit card payments, and no medical bills. Are dept to income should be fine. We no that we are going to pay a slightly higher rate, but we don’t want to be taken advantage of. Any recommendations and or advice would be appreciated.

SERGIO

Wandering Wonderer asked:


Years ago (when I was a loan officer) there were many programs that offered mortgages to those who had discharged from their BK CH7 or CH13. Are there still any programs like that? I know FHA will after two years (or at least they did as of 8 mos ago) but I think that a CH13 discharge does not occur for 5 years. Am I looking at seven years before I am able to purchase another home?

MAJOR