Credit Card Center Advertiser Disclosure

Posts: 14
Registered: ‎06-04-2012

FHA Purchase-Credit Approval Questions

My Husband and I am going to put our house on the Market. We should walk away with a minimum of about $20k. We are looking to purchase a new home no greater than $165k. Our combined income for 2011 was $110k and we do not have any loans other than Mortgage-Vehicle. Here is where it get's tricky. He is currently under a Chatper 13 with only 1 1/2 years left on it, all payments have been on time and we have our Mortgage and Vehicle figured into that so all of our monthly payments besides utilites are included into the payment. We did it this way to make sure we didnt get in trouble. He had a job loss and we had a few outstanding unsecured loans that forced him to file a BK. He is now 4 years on the job, me 3 years on the job. My credit however is lacking. I have a lot of collections but no active tradelines. I have plenty of alternative tradelines with over a 12 month positive history though. I do not have judgements or liens just a lot of medical. What does it look like our chances of getting approved for an FHA purchase are? We will have over 10% down. Thanks!

Frequent Contributor
Posts: 305
Registered: ‎07-05-2011

Re: FHA Purchase-Credit Approval Questions

i would take copies of my credit file to a MB and see how well you are doing.  I think that your BK have to be discharged before you can apply for a mortgage.  My minimum had to be a 640 middle score but I think some lenders require a lower score.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Established Member
Posts: 10
Registered: ‎04-13-2011

Re: FHA Purchase-Credit Approval Questions

I think that your BK have to be discharged before you can apply for a mortgage.


OK, well, I have no idea about your prospects for approval, but this is most definetly not true.

Regular Contributor
Posts: 162
Registered: ‎05-14-2009

Re: FHA Purchase-Credit Approval Questions

chapter 7 bk wait time and chapter 13 bk wait time are different. i believe you can qualify for home 1 yr after chapter 13.

Starting Score: EQ 505 jul09
Current Score: EQ 702 TU 693 EX 692 apr12
Goal Score: 700+

Take the FICO Fitness Challenge
Posts: 81
Registered: ‎11-05-2008

Re: FHA Purchase-Credit Approval Questions

I want to purchase a house this year or early next year.  I was told that I only have to wait one year after filing my Chapter 13 and my score has to be what the lender requires and three tradelines.  Your husband's credit sounds like it would be okay, if his credit score is what it needs to be.  However, you all might not qualify with your  name on the mortgage because of the collections and the fact that you don't have any tradelines.  

Super Contributor
Posts: 7,915
Registered: ‎07-03-2007

Re: FHA Purchase-Credit Approval Questions

sewmuchdebt wrote:

chapter 7 bk wait time and chapter 13 bk wait time are different. i believe you can qualify for home 1 yr after chapter 13.


For FHA loans

Ch. 7  = 2yrs wait time

Ch. 13 = after 1yr of on time payments and permission of trustee.... you can get a loan while still in the ch13 repayment plan.

or 1 day out of ch13 with no permissions.


* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

* The Loan Officer who you can call anytime... and answers your questions Nights & Weekends

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.