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learning the hard way

2 year mark

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We filed bk7 mar 04; it was discharged june 04. When should we talk to a broker to do an FHA loan. I know it has to be two years post discharge, but can we get approved before then, and then close after june 8? I want to get a house as soon as possible.

 

I also changed jobs last year, I am still a welder which I have been for the past seven years. DW has had the same job for 9 years. Our mid score was 640 two months ago. Bill

 

tia

 

Billy

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Isn't the wait just terrible!!!! I guess that's one of the consequences of filing. DH and I will be hitting our 2-yr post discharge July 27th and I can't wait!!!!!! I would like to be out of our apt July 28th!

 

I was told that we could not get preapproval until after our discharge date. We are looking to go FHA too.

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We filed bk7 mar 04; it was discharged june 04. When should we talk to a broker to do an FHA loan. I know it has to be two years post discharge, but can we get approved before then, and then close after june 8? I want to get a house as soon as possible.

 

I also changed jobs last year, I am still a welder which I have been for the past seven years. DW has had the same job for 9 years. Our mid score was 640 two months ago. Bill

 

tia

 

Billy

 

 

You can apply before the 2 year anniversary, but the systems that lenders use to approve loans for FHA (DU and LP) will continue to "refer" (nice way to say turn down) the loan until it meets the FHA guidelines....such as 2 years after discharged BK. If you get all your docs into your Broker/Lender in the meantime, it will expedite the process on the other end, but you do run the risk that, even after the 4th, you do not get approved. Based on the info you provided above it doesn't look like that wil be the case, but you never know.

 

For the record: Depending on HOW badly you want to get into a home, there are programs available that allow purchase mortgage loans one day out of BK with scores >580 with 0 money down (see your local yellow pages for your friendly neighborhood mortgage broker and they will know of them) . Be aware; you will pay alot more for this loan, but it is available.

 

Good Luck

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Being impatient and making bad decisions is part of what led to the bk. We've waited this long so we can wait a little longer.

 

When can we realisticly expect to be in our own house, July, August? How long does the process usually take for FHA? There are several houses around here that would be in our budget, so I don't think finding a house will be a problem.

 

The worst part about the wait is that intrest keeps rising the longer we wait. I am starting to wonder now if I should have went sub-prime one day out of bk. The house itself would have been a lot cheeper too.

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I feel EXACTLY the same way! DH and I looked at having a house built 1yr post bk. We were approved, IO loan, beautiful house, but property taxes were too high and I wasn't comfortable with an IO ARM. I keep getting depressed everytime the interest rates go up too. But, just got to think that it will be worth the wait and it makes us patient.

 

At least you only have 3 more months! I have 4 :swoon:!

 

We decided to go to Gatlinburg at the end of May to take our mind off of it for a while! lol

 

I'm stalking houses every day though online.

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