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2 Year Discharge Date when to apply?

Frequent Contributor

2 Year Discharge Date when to apply?

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

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


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6 REPLIES
New Visitor

Re: 2 Year Discharge Date when to apply?

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

Message 2 of 7
Frequent Contributor

Re: 2 Year Discharge Date when to apply?

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.

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 3 of 7
Frequent Contributor

Re: 2 Year Discharge Date when to apply?

So were u guys issued a pre-approval?

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


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Message 4 of 7
Frequent Contributor

Re: 2 Year Discharge Date when to apply?

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

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 5 of 7
New Visitor

Re: 2 Year Discharge Date when to apply?

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
Message 6 of 7
Frequent Contributor

Re: 2 Year Discharge Date when to apply?

Good luck

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 7 of 7