No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Waiting period under FHA is within 3 years and conventional is after 4 years.
so based on both of those dates, worst case is I need to wait until August, right? For FHA I mean.
Can I start the process now and just not close until after August? Or do I need to wait until after August to get this rolling?
I settled my homeequity account last July, then got current with my mortgage, but the settled home equity is classified as a charge off, people told me the same, 3 years for FHA 4 for Fannie. But if you have money saved, enough for 20% you should be able to get a mortgage before that, but it won't be FHA or fannie backed. so if you belong to a credit union, or your local bank might give you one
@Anonymous wrote:I settled my homeequity account last July, then got current with my mortgage, but the settled home equity is classified as a charge off, people told me the same, 3 years for FHA 4 for Fannie. But if you have money saved, enough for 20% you should be able to get a mortgage before that, but it won't be FHA or fannie backed. so if you belong to a credit union, or your local bank might give you one
^^^This might be the case if the lender is going to portfolio the loan (not sell it). There are not many true portfolio lenders from what I have seen. I see many that say they will but when you check them out they follow Fannie Mae guidelines to the T.
OP, if you don't want to be hampered by finding a portfolio type lender, wait until your 3 years has passed so you can go to a lender and get an FHA loan. Make sure the lender you choose is knowledgeable, experienced and doesn't have overlays that prevent your approval at the 3 year mark. Good luck.