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E. Bankruptcy. A Chapter 7 bankruptcy (liquidation) does not disqualify a
borrower from obtaining an FHA-insured mortgage if at least two years have elapsed
since the date of the discharge of the bankruptcy. Additionally, the borrower must
have re-established good credit or chosen not to incur new credit obligations. The
borrower also must have demonstrated a documented ability to responsibly manage
his or her financial affairs. An elapsed period of less than two years, but not less
than 12 months, may be acceptable if the borrower can show that the bankruptcy
was caused by extenuating circumstances beyond his or her control and has since
exhibited a documented ability to manage his or her financial affairs in a responsible
manner. Additionally, the lender must document that the borrower’s current
situation indicates that the events that led to the bankruptcy are not likely to recur.
Good news, everyone! My wife and I will close on a brand new 5 bd, 3 bath, 4K sq. ft heck of a house this wednesday! The price: 211K, minus the 8K tax credit. The rate is 5.25% VA home loan with U.S. Bank. My average credit score: 645. There's always hope if you can demonstrate that your BK was extenuating and that you've done much, much better after that. So one and half year after bk, my dream is finally realized!!!
[Edited to remove a personal email address. Posting of personally identifying information is not permitted on the FICO forums.]
@Anonymous wrote:Good news, everyone! My wife and I will close on a brand new 5 bd, 3 bath, 4K sq. ft heck of a house this wednesday! The price: 211K, minus the 8K tax credit. The rate is 5.25% VA home loan with U.S. Bank. My average credit score: 645. There's always hope if you can demonstrate that your BK was extenuating and that you've done much, much better after that. So one and half year after bk, my dream is finally realized!!!
Congratulations! And, thanks for the update. This will give incentive to others in your same circumstances.
We love success stories!!!