The minimum credit score depends on your down payment and the purpose of the loan (primary, investment) as well as the property type (1 unit, 2 unit)
The minimum credit score in all instances is 620 for fixed rate loans and 640 for ARMs
It is also possible to qualify for loan if you do not have a credit score due to lack of credit history. Loans without credit scores require that alternative credit be presented i.e. utility payments, phone, rent, etc.
Generally the requirement is 4 years from discharge date.
It is possible to qualify for a mortgage in less than 4 years if the bankruptcy was filed due to extenuating circumstances (those outside of your control such as unemployment or medical bills not covered by insurance) AND you have rebuilt your credit. Divorce is NOT considered to be an extenuating circumstance
There is a 2 year waiting period from the bankruptcy discharge date.
If the bankruptcy has NOT been discharged, you are not eligible for conventional financing.
If here is more than one bankruptcy filing within the past 7 years, a 5 year waiting period is reacquired.
There is a 7 year waiting period after the foreclosure is completed.
A 3 year waiting period is possible with extenuating circumstances and with additional qualifying restrictions.
The standard waiting period is 4 years from the date that ownership is transfered.
This overview is not all inclusive and does not include all guidelines or potential qualifying situations. Contact us or your lender for additional information that applies to your situation.
Laura Borja | Senior Loan Officer | NMLS#199107
Cell: (619) 992-4061 | Branch Main: (858) 264-1547
1615 Murray Canyon Rd ste 1020 San Diego CA 92108
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