What are my chances for fha approval next month???

[cmelvin62]

Hello Everyone-I will be 24 months post BK next month. My conventional WF mortgage (that I acquired in 2006) was IIB. I have been looking forward to becoming a homeowner once again and hope to be able to confidently apply soon. So here I go... I have opened 3 cards since my discharge Cap 1 secured 400$ , Cap 1 rewards unsecured 2k, NFCU now unsecured was 1k now 4.5 cl. Just purchased a car through NFCU 60 mo's 1.79%. I am thrilled.  I transferred the 1k NF put back in my savings on my new car loan. Pretty cool. My scores are going up, EQ especially. I'm shooting for a mid score around 680 by mid-Dec. I plan to go through Navy Fed as they seem to have the best rates and they are really pleasant to work with. I have a decent income but just started this job a month ago. My employment background is otherwise stable. Should I go for it or wait? Any thoughts of concerns or otherwise is so much appreciated in advance. Thanks Everybody!

[jessica04]

Has your income increased with this new job? FHA likes to see two years steady employment preferably with the same employer and your income should be stable or increasing. I know they only require 2 years since bankruptcy, so you should be good there. Good job on increasing your scores!

[cmelvin62]

Yes up about 14k. Very awesome. I'm concerned about my prior mortgage IIB. That is the way it reads on my reports but they foreclose too. So, I am reading alot of conflicting info so I am unsure about the waiting period. I hope it's two years. Thank you so much for the congrats!