06-04-2009 10:21 AM
I'm a member of myfico and I have learned so much from the forums. I have been trying to figure this out on my own and research but wanted to bounce this off of others.
OK, I recently, yes I said recently have been discharged from Chapter 7. I was discharged 2/20/09. I filed Chap7 because after I had done all I could...primarily I found my course of actions through the forum boards and Suze Orman...regarding letters to be sent out and clearing up the report as must as possible before I had to filed. The reason I filed was not due to my present persay, but my past...I was VERY unwise in college and racked up alot of debt with NO JOB and I just didnt know the first thing about handling credit. I wanted to pay but hit hard times so I was inconsistent. I learnt about credit AFTER I had bad credit...like most eh? Last year, I guess when I started doing something about my report and clearing things...it was like the creditors had a meeting and decided to come after me...IT WAS OVERWHELMING...VERY. They file actions with the court and everything...I decided to file. And I'm not mad at all that I filed, just mad that I put myself in that situation.
Anyhoo, before I filed...i studied up on what I needed to do after I filed to IMMEDIATELY started building my credit. My scores where in the high 400 and low 500's at the time.....to date...about 4 months after my BK discharged...I am in the 600's...And should contine to rise because I am YET disputing things that should not be after my BK also my score should change as I begin to pay my student loans load down..WHOOHOOOO I am well on my way to a healthy credit file. It took a setback, but I'm making a come back...lol
My question, I want to take advantage of Pres. Obama's 8000 Tax Credit for Home Buyers, but I know for most it is recommended to wait 2 years out from discharged....but I was wondering is there anyway around that? I am paying rent now...and would like to buy a home but I do not want to wait 2 years...although I will if i have to...because of my setback...plus i want the 8000 credit. I am saving up money like crazy and live wayyyyy below my means and I am gainfully employed for a few years now and now that I don't have people coming after me, I can really breathe well. Should I be thinking about a home now? The only bills I have are my rent, secured visa payment (which i pay off every month..Limit:$1000), i also have student loans coming out of deferrment for over 60,000. Should my loans and savings be my focus now?
06-04-2009 04:51 PM - edited 06-04-2009 04:54 PM
I...recently have been discharged from Chapter 7. I was discharged 2/20/09...but I know for most it is recommended to wait 2 years out from discharged..I was wondering is there anyway around that?..
Not very likely. The 2-year, post-Chapter 7 wait isn't just a recommendation, in most cases it's a requirement. FHA, for example, has it written into their loan-guarantee guidelines. I believe USDA does NOT have such a requirement, but its loans are limited to certain, non-urban areas. Conventional lenders are more stringent, with many of them requiring at least 4 years post-discharge. Also keep in mind that regardless of whichever loan program you seek a loan guarantee from, virtually all underwriters are looking for a minimum of 12 consecutive months of good, on-time payments to 3-4 open 'trade lines' -- usually credit accounts. But, don't take my word for it -- check with some mortgage lenders/brokers. Good luck.
06-04-2009 07:23 PM
06-12-2009 10:39 AM
I have a chapter 7 from august of 2008 and it was due to my wife's job loss. Prior to that I had a 20 year credit history with no lates. Score was always above 750. I spoke with a local credit unions underwriter who will give me a loan this august 2009. They like a year from date of filing and you must have a uncontrollable circumstance that caused the bankruptcy and they will consider you. I have also had 9 previous home loans all in good standing which I think helped. Even with my bankruptcy my score never dropped below 600. So it is possible 1 year out to do it.
Good Luck !
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