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Regular Contributor
Posts: 146
Registered: ‎02-06-2009
0

Would I Qualify?

So I'm finally ready to buy a home but I'm super nervous about app'ing. I would like to get the opinions of the forum.

I intend to apply for an FHA loan. I have about 3K in savings and 5K in IRA so I'm hoping to be approved for 8K with down payment assistance program. I make 48K from my FT job and another 10K from my PT job. I know I won't be able to count PT income as I've only worked there for a yr. My credit scores are current in my siggy and I am currently awaiting discharge of my BK 13. I have one collection acct with TWC of $95. Not sure what to do about this one. I have one secured CC open/never late since 8/2011 and student loan payment of $377 current and never late.

The home that I'm looking at is $106K. I have two questions. I spoke with Flagstar bank and they are willing to do a preapproval w/o discharge. If approved, loan would be conditioned upon them receiving dicharge paperwork. I'd really like to talk to a couple more lenders. I'm back and forth about waiting until AFTER paperwork is received b/c I don't want a lot of doors slammed in my face without it. I'd like to keep inq's to a minimum and I have no idea when the paperwork will show up. Is this a smart choice? At the same time, I'd really like to know where I stand, so should I let Flagstar get started?

I don't have a lot of money coming out of BK but I'm really looking for a home for myself and my child to settle down in. Any advice would be appreciated.
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Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 Smiley Happy
Current Score: TU 706 EQ FICO 701 EX 704
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Regular Contributor
Posts: 146
Registered: ‎02-06-2009
0

Re: Would I Qualify?

BUMP!!
NFCU Cash Rewards $14,000/FNBO Platinum $5,700/Best Buy Citibank $2,500/Care Credit $7,600/TJ Maxx $600/Neiman Marcus $7000/Saks5thAve $2500

Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 Smiley Happy
Current Score: TU 706 EQ FICO 701 EX 704
Goal Score: 720

Regular Contributor
Posts: 146
Registered: ‎02-06-2009
0

Re: Would I Qualify?

So I guess no one knows anything???

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Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 Smiley Happy
Current Score: TU 706 EQ FICO 701 EX 704
Goal Score: 720

Established Member
Posts: 16
Registered: ‎04-05-2009
0

Re: Would I Qualify?

You will have to let your bk age. I'm in the process right now and Quicken told me for fha my bk had to be 3 years. (Mine is currently 4 years)

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Regular Contributor
Posts: 135
Registered: ‎01-04-2012
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Re: Would I Qualify?

[ Edited ]

I take it your CH13 BK is done? Also, do you know your middle score? Most want middle score to be 640 or better.

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

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Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: Would I Qualify?

I would try the down payment assistance program...I know you can use your 401k money but I would try and not touch it if you can....also do what you can to have sellers pay closing cost. It's pretty common so shouldn't be too difficult. At 106k you would be looking at like 3700 for down payment.... Good luck!!!!
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New Contributor
Posts: 84
Registered: ‎08-13-2012
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Re: Would I Qualify?

 You only have to have 3.5% for an FHA loan, so you should be fine.($3710)  Also, FHA requires a mininum of 2 years after discharge ussually(not counting any bank overlays), this can be circumvented if you can prove extenuating circumstances in some cases, either way no one will touch it until the BK is discharged,

 

 What is your credit score like? most bank overlays will want you around 620-640 for your middle fico score..




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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Would I Qualify?

Ive read that you have to wait 2 years aft discharge. You can buy a house while in ch 13 but the trustee has to approve and you cant increase your monthly housing payment.

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Established Contributor
Posts: 866
Registered: ‎09-22-2011
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Re: Would I Qualify?


webhopper wrote:
Ive read that you have to wait 2 years aft discharge. You can buy a house while in ch 13 but the trustee has to approve and you cant increase your monthly housing payment.

+1   I agree  2years

Regular Contributor
Posts: 146
Registered: ‎02-06-2009
0

Re: Would I Qualify?

Thanks for the info, although I'm sure about the time. 2 years after discharge applies to Ch. 7 filers. Ch.13 filers only need 12 months of on-time trustee payments or discharge. The only reason I've waited this long is because I didn't want to jump through the hoops I had to deal with to buy a car while I was making Trustee payments. I am finished my plan so I'm not worried about that part, just whether my financials would qualify when counting down payment plus reserves. Not sure whether I'd be required to use a portion of my IRA with DPA. I don't know my middle score because I only have MY EQ FICO score. I'm going for it so wish me luck. l will update later.

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Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 Smiley Happy
Current Score: TU 706 EQ FICO 701 EX 704
Goal Score: 720

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