FHA approval

[japotter]

I am trying to buy a house. I would like to get a FHA loan. It will be 24 months since my chapter 7 bankruptcy in aug. of 09. I had a bill for 89.00 go to collection  and I paid it off 11 months ago. Could I get approved for a FHA loan with a collection on my record after a chapter 7 bankruptcy

[Anonymous]

I'm pretty sure it's 3 years from BK before they'll consider you. And you'll want at least 12 months clean history with a minimum mid fico score of 620.

[Anonymous]

japotter,

Check out the NACA thread.  NACA allows purchase after 2 years BK, 12 months of one time bill payment.  There is no down payment or closing cost and no PMI.  You need patience of steel.  If you really want to purchase a home this year, it could be your ticket to your home.  Go to their website and read the thread then jump in with your questions.

Hope this helps

Message Edited by gigi5 on 05-27-2009 09:22 AM