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.
Is getting a FHA loan possible?
Started by
nesh1120
, Apr 21 2012 06:11 PM
1 reply to this topic
#1
Posted 21 April 2012 - 06:11 PM
#2
Posted 24 April 2012 - 01:36 PM
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.
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 by delphipgmr, 24 April 2012 - 01:39 PM.
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