i haven't posted in quite a while...but i've been lurking.
i think i'm ready to go and see if i can get prequalified for another mortgage.
may 2012 will be 4yrs since my foreclosure(previous fha loan):chapter 7 bk was discharged 8 2009 (2yrs and 8mos ago)
i would like to go fha again. i think i've satisfied at least the basic minimums as far as credit rebuilding go:
1.opened 2 credit card accts 8/2009 (pay on time since opened)
a. card A limit 900:balance is 177 payment 25/month (waiting to report 0 balance)
b. card B limit 700:balance is 181 payment 25/month (waiting to report 8.25 monthly fee)
2.opened 1 installment acct 10/2010 (pay on time since opened)
a.limit 3000:balance 2200: payment 127/month
my credit scores are EQ: 698 (3/19/2012) and TU:665 (3/22/2012) i expect these to bump up a little once those balances update
i have 12yrs with same employer: monthly income 3500
i have been renting and can verify last 3yrs easily with leases/cancelled checks/receipts
i can qualify for 5000 downpayment assistance (need 620 middle score and only have to contribute 1000 of my own funds)
i do have pension funds i'm hoping i can use as reserves.
with all that being said: does anyone think i can qualify? around how much?
there is one foreseeable problem; there is (1) acct on my report that was included in my bk that has the dispute notation. i don't have any open disputes. 1st resolution collection acct.i initially disputed them after they were not reporting as IIB in 2009. resulted in the notation being added.then i tried to have the notations removed several times to no avail.(as late as 1yr ago) i don't know what else to do regarding this acct this notation appears on all three CBRs.
i'm not fully clear if this would fall under the new fha guidelines regarding collections or not.it dates back to may 2009: 0 balance IIB.every time i call the CBs they want me to open a dispute.at this point i don't want to do that and end up with the same outcome.
any and all advice will be appreciated 
thanks
Starting Score: EQ 505 jul09**update**
i found out i was preapproved for 140,000!! i have read so many posts, talked to so many people, and asked so many what if questions that i had actually scared myself into not applying. but i'm glad i did it. i knew exactly what was in my files and it actually made me look pretty smart when the broker came back and verified everything i put on the application. this forum has been my credit lifeline. i was surprised though that my TU score came back higher at 693 and my EX was 692. my EQ was spot on at 698
Congrats! So are you going to look at houses this weekend? 
i've been looking at houses for 3yrs. lol! i've got some potential places lined up. a great realtor in place. gonna do some more neighborhood ride- thrus and probably start my search next week while everyone else is working.
now that i'm preparing for the house-hunting stage, i'm finding it to be a bit overwhelming.i thought i would sit back and let the realtor do all the work but i can't seem to stay off this darn computer!! lol. even when the realtor sends me listings, i have to drive by the house first to see if i actually want to live in the neighborhood. i see so many houses that i like. i'm trying to narrow down my preferred neighborhoods. i do know my comfort zone though and because of that i'm looking at staying around the 120,000-125,000 range instead of maxing out the 140,000.
zillow, realtor.com, yahoo, and i'm also on the agent's website.
@sewmuchdebt wrote:now that i'm preparing for the house-hunting stage, i'm finding it to be a bit overwhelming.i thought i would sit back and let the realtor do all the work but i can't seem to stay off this darn computer!! lol. even when the realtor sends me listings, i have to drive by the house first to see if i actually want to live in the neighborhood. i see so many houses that i like. i'm trying to narrow down my preferred neighborhoods. i do know my comfort zone though and because of that i'm looking at staying around the 120,000-125,000 range instead of maxing out the 140,000.
#1 rule of home buying is you can change the house but you can't change location. Location, location, location!
**so here's my update**
i found a great house. turned out that someone was already under contract with it
i kept looking but nothing compared to the one i really wanted. 3 weeks went by.
the contract on the house i wanted fell through
i submitted an offer.officially under contract on 4/24.
appraisal has been done, home inspection done. insurance lined up (they do their own inspection too)
my loan is with the processor. told me to be patient cause she has a lot of files on her desk
i'm ok waiting.still have things to do
put in my notice with my apt (90 day mark) got my homebuyer class scheduled (using dpa;required)
i did get gfe( had to read shane's sticky to understand it though:great info)
so now i wait. my estimated closing date is may 31 or jun1
Glad to read it's turning out well for you