@Anonymous wrote:
Long story short, we filed a ch7 back in 8/2014 DC 11/2014. We did have a home that was IIB. The Trustee sold the Title to the home to an Investor, who rented it out until the Forclosure was finalized, so with that- our name came off the deed 1/2015 and again when it officially forclosed 2/2017.
We have worked very hard to rebuild. We have found a home we love, and hope to use my husbands VA loan (was not used on the previous home).
Our Fico 5,4, and 2 are 680,687,673. We have a chunk saved up, but would prefer to hold on to as much as possible to maintain a savings.
Annual income is $113,000 if just in husbands name, $118,000 if joint, however mine is a new job, so not sure how the timeframe would work out.
2 car payments- $380, $540
1 CC Balance at $700 ($27/month), another at $1,000 ($25/month)- could pay both down/off, but they are the only items in my name and I have purposely used to rebuild.
Home listed at $309,000
House payment would be $300 more than what we are currently paying in rent.
No late payments in 3 years since filing
What are our chances? This is so scary, as I hate rejection. However, we love the house and would love to own a home again.
Hi My2emeralds,
What "type" of mortgage did you include in the BK, FHA, conventional or something else?
If it was an FHA or USDA loan, there is a very good chance that you'll be in the CAIVRS system which will cause problems with most lenders.
The other thing to watch out for are lenders that have overlays. This just means they add their own requirements on top of the base VA guidelines.
For example: VA says you're eligible 2 years after the discharge of your BK regardless of the mortgage you included so if a lender tells you anything different then it's probably because they've added their own overlay.
Based on the information you've provided, this should be a pretty easy deal to get done.
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
