Chapter 7 and FHA should I even apply?

[Anonymous]

I filed chaper 7 bankruptcy and it was discharged August 2008. I have worked really hard to rebuild my credit and I would like to purchase a home this year. I have been lurking aound the forums and I am wondering if I should put off trying until next year? Also, does anyone know if I will get a score bump in August? I really want to try this year but if the inquiry will be fruitless I 'd rather not. In the way of rebuilding I have purchased a used vehicle in Dec 08 (owe 6900), opened Orchard $550 CL (127 bal), Capital one $2000 (51 bal), TirePlus $1K, (0 bal), Lib of Cong CU $750 Cl (50 bal).

[Lel]

Even though FHA guidelines state that someone can qualify for a mortgage 2 years after discharge of chapter 7, many lenders are requiring longer waiting periods.  There are probably some lenders who will lender after two years, but you'll have to shop around.

Also, why are you specifically expecting a score increase in a few months?  Because your BK discharge will be 2 years old?

[Anonymous]

Based on your recent scores I would suggest that you apply. The other gentleman was correct about your bankruptcy meeting the FHA guidelines. I know someone that can assist depending on the state you reside in.

[Anonymous]

I was thinking my score would improve at the 2 year mark which will be in August.