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Hi All,
I have read a few places about the waiver for FHA to be 1 year post discharge instead of the two years. I have a few questions...
1. Is it lender based? Meaning some will do it, some won't?
2. If so, any idea what lenders to try?
3. I am hoping I might be able to get a waiver ... Seperation, Job Loss, Move, Divorce, Bankruptcy was my path.
4. General thoughts/advice always welcome
My Fico 5,4,2
Eq 676
TU 694
Exp 652
Discharge was Sept 2019
Credit Cards:
Capital One $750 CL - $110 to $0 balance usually reports
Mercury Card: $3,000 CL - $50-100 reports
Car Loans:
October 2019 to March 2020 - Cap 1 at 12% and traded in.
March 2020 to Now - Cap 1 $500 payment, 4.99% interest.
I haven't been late on anything post BK.
This is definitely one area of concern for me. I've asked around and they all tell me 2 years from chapter 7 discharge date. However, you may be eligible for an FHA loan just 12 months after the discharge of a Chapter 7 bankruptcy if you can demonstrate that the bankruptcy was caused by circumstances beyond your control. Those extenuating circumstances might include the death of a breadwinner spouse, a serious illness, getting laid off or a natural disaster that caused you to lose everything. If any of these unfortunate events have occurred in your life, I say you have a good chance at the 1 year mark. Most lenders should be able to assist with this process.
I am definitely looking at the 2 year waiting period.
I was afraid it would be difficult. Waiting will simply depend on some family housing circumstances but that would be ideal!
I was told I can do a NOO with 30-35% down and then refi into FHA on 10/1/2021 but I'm not sure if that'll make sense by the time I have the funds for the down payment/closing costs.
If eligible for VA in two years I would suggest going that route..
I'm also curious if anyone has been able to get a house loan 1 year after Chapter 7. I have paperwork saying me and my whole team's positions were eliminated and after I had to take a lower paying job.
While your at it. Dont have both accounts report a balance. PIF one before statement date and then the other have $20 report and pay before the due date. Your getting a ding for all accounts reporting a balance. FICO dings you for that. Plus a third card will help with # of cards reporting a balance. It would drop below the FICO more than 50% of total cards reporting a balance. That will help your scores. Then only have 1 report and the other two zippo. Or as we say AZEO. All Zero Except One.