New mortgages

[Anonymous]

How long does it take to be approved for ANY mortgage after BK. 7.  Are going to change the rules?

[fused]

bump

[Lel]

For a conventional mortgage, the waiting period is 4 years after discharge of chapter 7 bankruptcy.  If there are extenuating circumstances, then the waiting period is reduced to 2 years.

For an FHA mortgage, the waiting period is a minimum of 2 years after discharge of chapter 7.  If there are extenuating circumstances, then the waiting period may be as little as 1 year.

Extenuating circumstances generally mean a fairly drastic life change, such as the death of a wage earner or serious medical illness that results in disability.

Keep in mind that these are minimum guidelines for mortgage approval.  Individual lenders may establish more stringent qualifying criteria, such as a longer waiting period.  I recall a thread a few months back in which someone reported that their FHA lender required 3 years after discharge.

[DallasLoanGuy]

2yrs fha, unless a home was included.

usda might be different under special circumstances. i dont remember. i dont dousda. i refer them to a co-worker

[monalisa1107]

I am very curious about the answer to this question too.  I am just 2y 2m out of BK7 discharge date. I also included my house in the BK7, Does that hurt me even more?

I wonder if the rules have now changed due to the credit crunch? With the housing market the way that it is, now is the time to buy, BUT can I? 

I have been working hard to rebuild my credit scores, as of 2/23/10 TU=651, and EQ=649.  Who knows about the "other" score...

Any info would be great. I have been trying to find recent info on the internet, but not much luck yet.

Thanks!

[Anonymous]

Alot of lenders are now pushing for 3 years even for FHA adn there is talk of conventional going to 5 years post BK, but that is just talk.  On the 3 year FHA thing, that is lender specific and may also be able to be worked around with a really good file/spotless rebuilt credit, etc,  Not sure on that.