Helping Military and Civilian families realize the dream of homeownership since 1990

Laura Borja- Home Loan expert- NMLS 199107

Credit Score Requirements


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.

Bankruptcy Guidelines


Chapter 7 Bankruptcy

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


Chapter 13 Bankruptcy

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.


Multiple Bankruptcy Filings

If here is more than one bankruptcy filing within the past 7 years, a 5 year waiting period is reacquired.

Foreclosure Guidelines

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.

Short Sale Guidelines

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.

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Laura Borja  | Senior Mortgage Consultant | NMLS#199107

Cell: (619) 992-4061

27271 Las Ramblas ste 350  Mission Viejo CA 920691

This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. Intended for California Consumers Only.




Laura Borja- Home Loan expert- NMLS 199107
Laura Borja- Home Loan expert- NMLS 199107
Laura Borja- Home Loan expert- NMLS 199107