Chap 7, USDA, FHA loans and extenuating circumstances

[Anonymous]

So I am just reading about this stuff and would LOVE input or experiences.

Our income is about 75k or s little more after bonus, base pay is 70k
Family of 5.

Chap 7 discharged dec2018

Anyone ever gotten a USDA or FHA loan befofe the timeframes? Our rent is being raised again, and especially if we could get a USDA loan, it would cost us the same or less to own.

Wondering what kind of documentation they typically want? We didnt file taxes for a few years because our income was so small. And we were in check systems so we didnt have a bank account.
It was for job loss. But wondering if we could come up with whatever documentation they would need/want.
We lost, then got a job and didnt file chap 7 right away because like idiots we still thought we could figure it out. Garnishment shot us into bankruptcy.

It would be our first home purchase ever, so everything is new. Our area prices are going crazy both homeowning and renting so we would rather not keep throwing away our money if possible 😑
We already pay to fix most things in our rental.
We only owe for a car at about 14k
303 a month and a 3k credit card thats at 0 percent for another 12 months min payment is 30 but we are obviously paying more 😁

Any insights are great!! Thanks
No lates since chap 7 and we each have multiple cards and are both on the car loan which is paid every month

[CreditInspired]

When is the last time you filed income taxes? What was your income for the years you didnt file?

[Anonymous]

Hello FHA is going to require tax records for sure , and you will need a stable job history , I had to wait to began home buying a few years because of taxes , one being that having a loss on a business made my income to low and the other was not filing. And FHA requires 2yrs discharge, I would suggest shopping around for funding in other markets like Rocket or something like that if you need to move fast on this. Otherwise this is a game of harry up and wait.

[Anonymous]

We have several years now of income. We got a job and trued to dig out before filing because we got garnished. We survived one garnishment, but another came and we couldnt do it again.. we only survoved the first because we got our tax return at the same time.

We have 3 years of income with taxes filed again. A few years prior im honestly not sure of income, it was a few side jobs and plasma and was not over what a tax prepper said to file (i believe we made like 10k) and charging credit cards a bit to survive.

[Anonymous]

My understanding is both FHA and USDA do lower the wait with extenuating circumstances? This would be my first home purchase so i am wondering how it all works and if maybe we would qualify.

How many years of taxes do USDA and FHAs require? We have several under our belt now

[Anonymous]

They require 3 years of taxes.

[Anonymous]

I think you should at least talk to the a loan company and have then guide you on your needs for approval they will need to pull you and your significant other credit to see the best approach. They will work with you until you reach an eligible range before submitting to underwriting.It may not be much that you need, its worth a try .I started in August and didnt get things in order until Dec.

[Anonymous]

How did you find a loan company?

[CreditInspired]

---

@Anonymous wrote:
How did you find a loan company?

---

Start with either your bank or CU. 

[Anonymous]

I went on my states website and input my information they linked me with the companies that are approved for the many programs that the state funds , for example grants for purchasing in certain areas, many grants for down payment assistance. I would go that route for sure because many banks don't offer those programs , you can stack up to 5 grants if you qualify depending on the program. www. yourstate.gov. Please let us know how things work out.