Ask Shop Rate: Jill - Wyoming

Posted by  on Apr 16, 2009
What type of mortgages are available to me? I am three to four years post bankruptcy, have [an] auto loan for the past two years to re-establish credit. Fair credit... Obtaining that auto loan was definitely a great step in re-establishing your credit. Lenders go by the date of your discharge from bankruptcy. If you are 3 to 4 years post discharge, and have re-established credit with an auto loan, than there should be some financing options for you. Basically, the higher your credit score is the more options that are available to you. (Another way to bump that credit score up would be to take a credit card and making small purchases (like gas, etc.) and continue to make those payments on time.)

Your income level should be fine for your proposed purchase price, however, most if not all lenders are going to take into account the amount of money you have to put down on the house. The more money you have to put down on the house, the better interest rate you should receive. I would personally recommend a down payment of at least 10% or higher. You may be able to obtain a loan for less money down, but the rate will be much higher.

And as always, shop around to a few different mortgage companies and make sure to request a good faith estimate. This way you can compare the rates and fees from the different companies and choose the best one.


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