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Post CH7 FHA Approvals

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Anonymous
Not applicable

Post CH7 FHA Approvals

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. 

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Post CH7 FHA Approvals

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. 

Message 2 of 7
Scupra
Super Contributor

Re: Post CH7 FHA Approvals

Finding a lender to do the loan at 12 months will be much harder than you think. Best bet is to sink money into a savings account for the next year and get an FHA at 2 years.
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 3 of 7
Anonymous
Not applicable

Re: Post CH7 FHA Approvals

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. 

Message 4 of 7
bigred1967
New Contributor

Re: Post CH7 FHA Approvals

If eligible for VA in two years I would suggest going that route..

Message 5 of 7
Anonymous
Not applicable

Re: Post CH7 FHA Approvals

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.

Message 6 of 7
FireMedic1
Community Leader
Mega Contributor

Re: Post CH7 FHA Approvals

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.


Message 7 of 7
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