2 Years Post Ch7 - Going for it (FHA)...........

[Anonymous]

So I decided to buy a house, kind of at the last minute, ran the numbers and no longer want to rent. CR's aren't all neat and pretty but it is what it is and I'm moving forward. My lease expires 2/29/16 so I have some time.

Mid-score is 671, my ch7 will be exactly 2 years on 12/4, so I'm looking, knowing that I can target a mid January date to close at the earliest due to the bk anniversary.

11/6/15 - spoke with 2 LO's recommended by my realtor. Both said I was good to go up to the FHA max.
11/7/15 - collected and sent all requested documents to my LO. Thankful that I still had everything on hand!
11/13/15 - Pre-approval letter sent to my realtor
11/14/15 - met with realtor to go over all criteria, search areas, etc
11/20/15 - Downpayment funds are in my account ready to be sourced (if needed)
11/20/15 - looked at 7 houses, better narrowed down the area I want to be in. We are going back to look at one of the houses in more detail on 11/21. The other ones are a no-go.

11/23 - Sellers dropped the price of the house I like by $25K, made an offer at $265,000 (full price) plus seller to pay $7K of closing costs

11/25 - Sellers in multiple offer situation, have to submit best price offer by Friday, 2pm

There is hope this soon after ch7 - I'm very excited and grateful and nervous. I'm planning on keeping this updated and I go...........

[Anonymous]

So you got Pre-approved before discharge annivesary?

[Anonymous]

Yes, they could pre-approve but I cannot start any actual application for the mortgage itself until 12/5.

They collected my last two years tax returns, w-2's, divorce decree, bankruptcy records, identification, bank statements, etc. and issued a letter for the realtor.

[Sassy_Taurus]

Congrats to you! I'm right behind you on starting my journey.

[Anonymous]

Wow!! We both are currently in the same situation. I went through a divorce in Oct. of 2013 and had to file bk7. I filed bk 7 on Oct 4, 2013 (discharged EED Dec. 4, 2013).  Yesterday, I applied for Va mortgage loan and have been rated as eligible through VA mortgage lenders . I am in the state of Georgia and requested $200,000 and because of disability status I will have zero funding fee. My mid credit score is 649 (which I thought was higher based on the 3B report listed on MyFico). The LO asked me to send in two years of W2's, one month of pay, a release of a state lien (which is still on public record in the amt. of 329.90 from 2011).  I was able to log into an account on the Georgia Department of Revenue site and it noted in the account that currently I don't owe anything. I have pretty much steered clear of any late payments on credit cards, revolving credit etc., and come to find out the apartments that I have lived in for the past 3 years has reported zero late payments.  The LO went through everything on my credit and said everything looked good including my residual income.  I just faxed all the documents requested so hopefully everything will go through okay. Please pray for me

[Anonymous]

Good luck DeeWillSuceed!!!  

Update:  Saw a house I liked for 2nd time on 11/24, after looking at comps I felt like it was overpriced and decided to see more houses.  I really liked it but it was stretching my budget.  Yesterday, it had a price drop of $25K, so after talking with my realtor, I made an offer for the full asking price plus $7k in closing costs.  My mortagage broker and I have talked, my realtor and mortgage broker have talked and we are all in agreement on how to proceed and work around my 12/4 anniversary without jeopardizing anything in the process.  If they don't accept, I'm hoping for at least a counter.  I'm guessing they will take the full time we gave them to hear back..............

[Anonymous]

Congratulations to you!!! You give me hope

[Anonymous]

Heard back from sellers realtor, there are multiple offers on the property - that was expected after they dropped the price by $25K.  I have to make my final and best offer by Friday at 2pm.   Working with my realtor to get that submitted this evening.  I'll know either Friday evening or Saturday if mine was the best.  Thankfully, I have plenty to do over the next couple of days to stay busy and distracted.

[pizza1]

good luck to you!! Im looking at at buying now 4 yrs post bk, and decided to wait till all my acts and inq age off and new acts age to 2 yrs first, plus time to save more for incidentals.

[Anonymous]

Offer ACCEPTED today.

I'm slightly overwhelmed at the moment! I'm just going to chill this evening and freak out tomorrow.......