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Hello all
I filed Ch7 BK that was discharged in April of 2012. My wife and I are moving to Denver within the next 3 months. Since I have heard of FHA mortages being approved before the 2 year mark but not being able to close until the 2 year mark is reached. My question is, if there is a home that has to built and will take 7 or 8 months to complete can we be apply and be approved 5 or 6 months in advance of that 2 year mark?
Yes you can do that, you will get a condition that says you can't close till that date.
Be careful here, the underwriter looks at the time period from your BK filing date to your new loan application date.
If you didn't surrender a home in the BK or lose it to f/c than the min period is 2 years. There are rare exceptions for extenuating circumstances that will allow for less than two years.
The way I understand it, you can still prequalify but you can't actually close till it has been discharged for 2 years.
I have something kind of like this going on, I prequalified but I can't close till April thats when the time is up for the baddie I have.
I got my DU approval, went thru underwriting and approved but my condition was that closing had to be April.
Yup yup, so if you plan it right. You could wait it all out as your new home builds.
This is what we are doing.
Thanks for all the info