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FHA loan after BK 13

honeybun721
New Visitor

FHA loan after BK 13

HI. Can you tell me more about FHA loans? I'm currently in a chpter 13 but Im almost done. I've made extra payments so my plan is closing a year early. I owe about 4500 then I will be done. Hopefully, I'll make my last payment in May. Now, I want to buy a home. To reestablish my credit, I opened several small credit cards. I've never missed a payment. I recently learned that its not good to maintain high credit balances so I started paying off the credit cards. I have about 2800 dollars left then I have them paid of as well. So by summer I will be debt free and I should have a credit score around 650 or so.
My question is this, should I wait a year and save a down payment and improve my credit score or can I buy now. I looking at condos in the 200000 price range and I make about 60,000 a year.



edited to change subject title --this thread was split off from "Bankruptcy or Debt Settlement Program??? Please Help."

Message Edited by haulingthescoreup on 03-02-2008 05:42 AM
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honeybun721
New Visitor

FHA loan after BK 13

My earlier post was directed at FHAINFO but anyone can answer. Thanks



edited to change subject title

Message Edited by haulingthescoreup on 03-02-2008 05:43 AM
Message 2 of 3
FHAInfoCenter
New Member

FHA loan after BK 13

honeybun721,

I private messaged you as well, but thought others may learn from the answers:

You can buy a home now from the information you gave. Credit score currently is irrelevant to an FHA loan with most lenders (a few have a ding for less than 580 score, which you are over). With the main lender I use for my clients you get the same rate if you have a 560 or a 720 as long as you get approved.

As long as you paid the trustee on time for the last 12 months and have no other lates, you would get approved as long as you debt ratio. Now if you try while still IN the chapter 13 the trustee would have to approve of the purchase and depending on how much you are raising your "housing" payment, they may or may not, so you may have to wait until the Ch13 is paid off.

You are more than welcome to call me at (*edited*) with any questions. I do loans in Ohio and PA, so I could help you if you are in those 2 states...if you are in another state I can find you someone (*edited))

(*edited*)

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edited to change subject title, and to remove commercial info.

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Message Edited by haulingthescoreup on 03-02-2008 05:50 AM
FHA Mortgage Expert
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