01-13-2013 08:21 PM
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?
01-14-2013 04:58 AM
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.
01-14-2013 05:56 AM
01-14-2013 06:12 AM
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.
01-14-2013 06:14 AM
01-14-2013 06:19 AM
01-14-2013 06:51 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.