I need an FHA lender expereinced with FHA exceptions- SAN DIEGO

[MrsmSD]

HI Everyone,

My husband and I just sold our home, and we filed for Chapter 7 about 13 months ago. We filed chapter 7 because we relocated from another state (Husbands job made him move, we had expensive medical bills from fertility, and my company went under-- It was literally the perfect storm)

We have repaired credit, paid off 2 home loans, and have $100K in reserves.

We are looking for a direct lender/mortgage broker who has expereince with applying for an FHA exception that allows us to purchase a home before 

the standard FHA 2 year waiting period.

We would do USDA but our income exceeds their limits.

Any information would be helpful. 

[pizzadude]

Is there a reason why you wouldn't use conventional financing?

[MrsmSD]

Yes, Criteria for Conventional loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for four years or more, you are eligible to apply for an Conventional mortgage. If you have had a Chapter 13 bankruptcy, it must be documented that the your credit reputation has been re-established for at least two years to be eli bible for a Conventional Loan Application.

[pizzadude]

Ok, I didn't realize it is 4yrs for chapter 7.

[SoulMaster]

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@MrsmSD wrote:

Yes, Criteria for Conventional loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for four years or more, you are eligible to apply for an Conventional mortgage. If you have had a Chapter 13 bankruptcy, it must be documented that the your credit reputation has been re-established for at least two years to be eli bible for a Conventional Loan Application.

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This is only true of some banks, not all, and doesn't apply to most credit unions.  It largely depends on: The amount of loan you're asking for, how much you have to put down (20-50%), and current state of your credit history, and whether or not the bank/credit union "sells" their loans or keeps them in house.

I'd spend a day or two calling around to all the local banks/cu's, speaking to underwriters, and asking if you can find one who will do conventional financing w/ a huge down payment.

Good luck!

-SM