20% down payment

[want_a_house]

Although I filed BK in 2003 and it was discharged, what is the likelihood I could get a mortgage with a credit score of 600 and 20% down payment? I'm looking at a house that's around $100,000, and I have 20000 to put down on it. Anyone???

[HHM]

Pretty good, actually.

If you can bring money to the table, banks will go out of their way to loan you money to buy a house. (the difficult--nearly impossible--loans to get are the 0% down mortgages, and even 80-15's are difficult to get without stellar credit).

However, you need to factor in closing costs into the amount of money you bring to the table.

You shouldn't have any problem getting a mortgage. BUT, I am little troubled by the fact that your credit score is only 600 five years out from BK. Before you go mortgage shopping, pull your credit report, I suspect that you need to do some clean-up.

[CindyLou]

you can also go FHA if you need to....

and only 3% down with that...

[movingon]

To add to the question, is conventional loan possible if BK hasn't passed the 2 year after discharge date but you have 20% down? Or would FHA be the only option? Is the 2 year "rule" a guideline or a hard fact.

I know credit scores are another factor, so let's just say decent credit scores are applicable (680+). Thanks!

[Stilltheone]

I had someone call me the other day, looking to refinance our house. We had spoken with them several months back and they weren't able to help us. When she called, I explained that we had filed bk and that we now had to wait 2 years to refinance or purchase. She said "Nope, one year with us"...

I would contact a lender and see what they say.