2 Year Discharge Date when to apply?

[kaylord84]

My 2 years post Chapter 7 BK date is March 8th 2019. When getting pre approval do I wait until the exact date or I get the ball rolling and apply ahead of time ? Then close after the date. This in regards to a FHA loan thanks

[Anonymous]

same boat as my chapter 7 will be 2 years old May 5th , we are doing a new build we have applied FHA and was told we would need to start the build Feb/March , as not only do we have to close after May 5th but we were told it also has to be 2 years before they can do the house Appraisal which is done about a month or so before being finsihed. Hopefully that helps

[homeloanexpert]

You can start the paperwork part of the process a little earlier i.e. running numbers, making sure the income and assets are all in line for the sale price you desire. I have even issued a Pre-Approval but listed the effective date after the 2 year mark.. As an example, many folks want to offer on new construction homes when the completion date is 6-9 months out. In these cases, I don't mind cutting the borrower a little break and issue a Pre-Approval as long as everyone knows the close date can't be earlier than 30 days after the 2 year mark.

[kaylord84]

So were u guys issued a pre-approval?

[kaylord84]

Update: applied and was approved with GR exactly one month before my discharge date hits 2 years .

[Anonymous]

My 2 year was Dec 27 2018 - We signed a contract in June 2018 to build a new home (with the intention of it being completed right at two year mark). We were able to get “conditional approval” but they wouldn’t give full approval until the two year date. Right around 1st week of January we received full approval. The best part is we ended up not buying the house we were building because of delays and other issues - decided to buy a completed home and we are scheduled to close 02/28

[kaylord84]

Good luck

[kaylord84]

Does the 2 year discharge date have to pass or is it the exact date example my discharge date is March 7th 2017. Can a lender pull request a appraisal on March 7th 2019 or 8th? Thanks

[homeloanexpert]

The lender can't pull the FHA case number until the March 7th, which is exactly 24 months after the final discharge. I have gotten ahead of myself when I was a rookie LO many years ago then only to have to cancel out the request and start over. Tomorrow you are good to go!

[kaylord84]

Thanks appreciate it