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Home buying after BK7- no forclosure

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Anonymous
Not applicable

Home buying after BK7- no forclosure

Do FHA homebuying waiting guidlines after BK7 apply to all BK7, or just those that included a home in their BK?

Message 1 of 5
4 REPLIES 4
Scupra
Super Contributor

Re: Home buying after BK7- no forclosure

They apply to all.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
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Message 2 of 5
Anonymous
Not applicable

Re: Home buying after BK7- no forclosure

Thanks for the reply. That's what I figured but wasn't finding a "yes" or "no" answer to my question anywhere I looked. I suppose this gives us an extra year to add more to our downpayment to get closer to 20%, and get our scores up even higher. Following SoulMaster's plan,I've been able to raise my husband's scores an average of 130pts since our BK discharge in Aug. 2016. Not bad for about 6mo of work. 

Message 3 of 5
Anonymous
Not applicable

Re: Home buying after BK7- no forclosure

Just FYI, if you only wait two years and go with FHA, there's no point in saving 20% down, as you'll be paying PMI either way. If you wait 4 years, and get a conventional loan, theny 20% gets you out of PMI. Good job on the rebuild!

Message 4 of 5
Anonymous
Not applicable

Re: Home buying after BK7- no forclosure

Thanks, but I'm not worried about PMI as far as my savings goes. The cheapest houses in the town we feel most comfortable in, are still out of our price range (PITI payment). So the more we can put down will enable us to live in the town that we want.
Message 5 of 5
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