Home buying Myths-Credit Scores/Foreclosure/Bankruptcy

I was shocked the other day when I watched a video from CNN or one of those “talk”/”money” shows from a couple of years ago and they were talking about how hard it was to get a mortgage. They were talking that a person needed a credit score of about 750. WHAT? That is nearly perfect credit….MOST people don’t have that type of credit. And if that is the case, more homes would still be on the market unsold. Many buyers that I work with only have credit scores of 620 to 680. YES a credit score of 620 CAN get you into a house of your own. Now there are some other factors that will play a part, but for the most part 620 can get you in a home in just a few months.

 

Now if you had a foreclosure, you will have to wait 3 years. YES only 3 years, not 7 years like many people think. Yes you will have to have a credit score of 620 or better, but  you can buy in 3 years after a foreclosure. Short sales are very similar, but in some cases you can buy in 1 year. But most of the time it is 2 to 3 years after a short sale

 

After a Chapter 7 bankruptcy a person has to wait 2 years.

 

Now to clear up some myths. If you file bankruptcy and foreclose in the same year you have to go off of the foreclosure and wait 3 years.

 

I have just touched the tip of the iceberg of financing, so if you have any questions, please call me today to find out if you CAN qualify for a home.

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