FHA after bankruptcy

[homeloanexpert]

@Texassugar

Hello my fellow Texan,

If you filed a BK Chapter 7 and has been discharged at least 2 years, then you are good to go to apply. Hopefully you have kept all your payments current, especially in the last 12 months and you have reestablished some new credit after the bankruptcy or at least had some pass-through credit from prior to the BK.

[homeloanexpert]

@gchance

Many of us lenders offer several NonQM Program options.

• NonQM/Portfolio – 1 day after BK, Short Sale, Foreclosure. These loans are100% credit score driven. They do have higher rates and fees and down payment. These programs can be viable way to enter the housing market as long as you have an exit strategy.
• VA – 2 years unless you had an extenuating circumstance like a death in the immediate family or a serious illness, then the waiting period is reduced to 1 year. Under the extenuating circumstances waiver, you will need to provide appropriate documentation to support your hardship.
• FHA – 2 years unless you had an extenuating circumstance like a death in the immediate family or a serious illness, then the waiting period is reduced to 1 year. Under the extenuating circumstances waiver, you will need to provide appropriate documentation to support your hardship.
• USDA Rural Development Loan – 3 years, unless you had an extenuating circumstance like a death in the immediate family or a serious illness, then the waiting period is reduced to 1 year.
• Conventional – 4 years, unless you had an extenuating circumstance like a death in the immediate family or a serious illness, then the waiting period is reduced to 2 years

[Anonymous]

Great info!!!

[Dj4Money]

 I did have a death in a family, in-fact my mother (2018) and stepfather (March 2020) passed away. I lived at-home and took care of them with my sister. 

 That is not what caused my BK, it was high interest loans to cover not having my vehicle available for a couple of months and continue to pay my bills without the gig economy income. I was able to get a high paying gig with the W-2 job which bailed me out to a point. 

 My BK (Ch7) will be two years old Sept 2021 and I am being forced out of my parents house (it has been sold) in a cash for keys agreement with the new owner. 

 I may have 10% down MAYBE by Sept 2021, though I had intend to spend some of that money elsewhere. I originally was looking at USDA since most cost would be offset and I wouldn't have to come out of pocket. 

 I much rather deal with home maintenance that live in an apartment where I own nothing. 

 I can go all but one by Sept 6th which is when the last card reports from the previous month and the three other cards don't report until the 10th. The balance is small enough on those that I can keep them paid off, not an issue. 

 Looking in Las Vegas since that would put me somewhere in-town where as staying in Southern California would force me into the high desert maybe.