You would have to live under a rock to not understand that mortgage guidelines are getting tighter all the time. This means that you want to qualify for a mortgage as soon as possible and once you do qualify you need to act quickly!
FHA loans are currently the best way to go for most everyone who does not have perfect credit. Guidelines have already tightened up significantly! There was a time not that long ago when FHA had no credit score requirement. Then, with the tightening in the lending environment, they instituted a minimum credit score of 580 to qualify for an FHA loan. In March of 2009, FHA changed the minimum credit score requirement again, this time taking it up to 620. Lenders now require a minimum score of 620, and some banks require an even higher score than 620 even though FHA will insure the loan with a 620.
Currently, you need to be 24 months out from your bankruptcy discharge if you filed Chapter 7, and 12 months from the discharge of a chapter 13. You will also need to have at least 4 tradelines, so if everything was wiped out in your bankruptcy you will need to begin reestablishing credit as soon as possible.
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