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Do I Really Have to Have Good Credit to Get a Home Loan?
There are a lot of conflicting opinions out there about your credit score and credit history when it comes to getting a home loan. I want to lay out the facts for you so that you know exactly what the truth is when it comes to getting a mortgage and your credit history.
If you have had a bankruptcy, foreclosure, or short sale within the last 12 months, the chances are extremely low 20 that you will be able to get a home loan within a year of one of these financial hiccups. Now, after the 12 months, there are certain programs and options that may be available to you but typically between 2-7 years is how long it takes for these infractions to be erased off of your financial and credit history. That doesn't necessarily mean you can't buy a house or get a mortgage, but the red flag will still be there for a certain amount of time. This is just the statute of limitations. There are a lot of lenders that can help you get into a home loan within one to two years after a short sale or bankruptcy depending on the type of bankruptcy and your current credit history.
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