Is getting a FHA loan possible?

[nesh1120]

My CH 7 was discharged 6/2010 and I definitely want to purchase if possible. I maintained decent credit since the BK with the exception of one late student loan payment that totally slipped my mind. I was able to get a Cap 1 platinum card in 10/10 which has a $1750 limit with excellent payment history and a relative added me as an authorized user on an Amex. Aside from that, I haven't established any other credit. I have a stellar rental history and all other household bills.

 

Background:

Single mother

$3600/mo income

$75/mo debt (CC and Student loan)

 

My credit scores are in the mid 600's and I'm looking at home in the $90,000-$100,000 range (Georgia). I really want to try for it on my own, but I have a relative willing to assist if necessary. I know I have to wait the full 2 years, but I was also wondering if I could maybe start the process since it's just about 45 days away.

[delphipgmr]

yes you can, the FHA guideline is 2 years out after discharge. wait until then.

 

go with a big bank like bank of america/wells fargo etc. pre-approval is fast and painless. Call them and get a pre-approval over the phone in 15 minutes or less, you can be shopping for a house that afternoon.

 

I wasn't sure for myself, and was nervous as well, but as it turned out, i had nothing to be afraid of. But it is pointless to do it until that BK is 2 yrs out, you want to get approval through the automated system so you can get a higher DTI.

 

your numbers are very similar to mine, so you will likely be good up to 130K or so, you will need 3.5% as a downpayment.

 

Since you are only 45 days away, contact a realtor. They can get you on a system (like listingbook), so you can see properties in the MLS, this way you can see how much properties are and how fast they move in your area. Get a feel for the market in your area. its time well spent even though the agent won't likely show you places until your pre-approved.

Edited April 24, 2012 by delphipgmr