Q&A: If I filed a bankruptcy back in July 2007 and I had applied for a mortgage from a credit union?

Posted on Mar 6, 2013 in FHA Information

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Question by Rob I: If I filed a bankruptcy back in July 2007 and I had applied for a mortgage from a credit union?
What do you think my rate and monthly payment would be if I only put 5% down of say for a mortgage of $ 90000 dollars? If you don’t have a lot to put down, visit what are my other options?

Best answer:

Answer by Glenn S
You should be able to get an FHA loan with only 3.5% down since your BK was over 2 years ago. You will need a FICO score above 580, for sale but more likely above 620.

Most credit unions don’t make FHA loans. Your interest rate will not be effected by your BK. Expect to pay 3.5%-4.5% range.

What do you think? Answer below!

5avg.rating 22 votes.


  1. Since you are not putting down 20% you qualify for a FDA loan only and will pay PMI monthly
    Your rate would be over 6% and no one can figure your montly payout without knowing the property taxes and Homeowner’s insurance premium.
    Rough estimate should be 1500

  2. Ok, was it 4 years ago or two years ago because your questions are not consistent.

  3. If your credit score is at least 620, ANYBODY who does FHA loans can give you a loan for under 4.5% right now. (and at 4.5% the lender can pay part of your closing costs)

    Don’t apply at the Food and Drug Administration for a loan – I heard they give loans in the 6% range.(couldn’t resist)