Wow, what a roller coaster of a journey, but I finally was able to close on a house on good friday! It was interesting to say the least, full of plenty of suspense and a few let downs. Here is the background.
Bankruptcy discharged in Aug 2008, included an FHA backed mortgage (Claim wan't paid until Jan 2009). I first talked to a loan officer 2yrs post BK7 just to find out that it would be a 3yr wait. As the 3yr mark approached I spoke with a loan officer who said we looked good, and wouldn't have any problems. So with high hopes we put in an offer on a house, only to find out that we didn't have a clear caivrs, because of the difference in discharge vs claim paid date. At this point we were only a couple of months away from when the caivrs would be clear. What a let down.
Then the Feb 6 time frame came, and 2 weeks later we see a house we like and put in an offer, offer accepted, caivrs clear, ok great, we are looking good. Credit scores were great, with the nice surprise of a over 700 score for one of them, DTI ratios were 23/32, plenty of money to work with, so we figured should be no problem. We were scheduled to close 3-23-2012. Well Caivrs rears it's ugly head again as there was still a note of the claim on the report that had to be deleted before we could proceed. We got that removed on 3-19-2012, and were able to proceed. The underwriter didn't beat us up to badly with conditions, mainly LOE for recent inquires, that I had access to the funds in the joint account, BK, verification of employment and rent. Did a USDA Gauranteed loan, which after a few extensions were able to close - everything was down to the wire, as we didn't receive the clear to close until late morning on the day of closing. Closing was pushed back a bit, but we CLOSED.
The funny thing is Chase bought the loan and I had included a credit card from them in my BK, I wonder if after a few years when the BK falls off, if they'd forgive me and give me another chance with a credit card.... Anyways for those of you out there that have a BK and included an FHA loan with it, there is hope, just know that you may have a few bumps in the road, especially with the Caivrs report.
Starting: TU 04 643 EQ 623 EX v2 625 Aug 2010
Sept 2011: TU 98 666 TU 04 688 EQ 640 EX v2 633
Current Feb 2012 : TU 04 711 EQ 684 EX v2 689
Goal 720+ All
Starting Score: TU 589 EQ 526 EX603
Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)