Mortgage after CH7

jcknight007 · ‎08-26-2013

My Ch7 was discharged last month. I have a good income and credit is now perfect with the exception of the BK. FHA won't look at me for two years. Banks and CUs want 4 years. Does anyone have any advice to offer on how to possibly get a mortgage loan? Right now I'm talking with a bank about some foreclosures they have. They say it's "possible". Really want out of this apartment. Any ideas?

SoulMaster · ‎08-26-2013

Read the new FHA "Back to Work" guidelines. You can buy in a year if you fit them.

Patience though, or you'll wind up hosed... stay in the apartment for at least a year... you'll need 3.5%-20% to put down anyway + closing costs.

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.

jcknight007 · ‎08-26-2013

Awesome. Thank you.