Mortgage after BK7

Anonymous · ‎09-28-2020

My BK will be 2 years discharged December 1, 2020. I was just told by a lender that it's a 3 year waiting period. No foreclosure or short sale including in the BK. I didn't own a house at the time. I'm confused.

im looking for new build which will be ready April 2021.

Anonymous · ‎09-28-2020

What loan type? I'm purchasing a new build and using FHA. My 2 years is up in October. But i'm already in the process ...the house is being built now and will be ready in November. They said they just can't order the appraisal/have a FHA # until after my 2 years is up so as long as the house is ready after that point that it would be ok. Maybe it's lender specific.

Anonymous · ‎09-28-2020

CH7! I think this loan officer is pretty new. I feel like I'm telling him the rules.

Anonymous · ‎09-28-2020

@Anonymous

Welcome to the myFico community.

I believe it's 4 years after discharge for conventional, 2 years for FHA. USDA loans are 3 years. If the loan officer isn't building confidence from the start, time to look for someone else. Seriously. All the best with the mortgage process and your new home!

Anonymous · ‎09-28-2020

Hi! My BK was 2 years old in July. I applied with several lenders. Found a house, put in offer. Waiting on appraisal right now, my rate is locked at 2.2% for an FHA loan. $147.5k, 3.5% down, 6% seller consessions, $4160 due at closing, payment $825 with taxes and escrow.

Anonymous · ‎09-28-2020

Y'all give me hope. Especially the person with the new build. I need to find a lender who knows what they are doing.

DebtStinks · ‎09-29-2020

I just recently closed on an FHA loan less than 3 years post discharge. I'm with some others who have said you might need to find a new lender. BTW, mine was new construction as well...I got my preapproval just a few days over the 2 year post discharge mark.

Best of luck!

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Closed - PenFed $35,000 - Cap1 World Elite MC $11,200
Total CL - $115500

CH7 BK Filed 8/1/17 Discharged 11/7/17

Scores as of 2/18/21:

Inquiries Last 12 Months:

kberly69 · ‎09-29-2020

@Anonymous wrote:
Hi! My BK was 2 years old in July. I applied with several lenders. Found a house, put in offer. Waiting on appraisal right now, my rate is locked at 2.2% for an FHA loan. $147.5k, 3.5% down, 6% seller consessions, $4160 due at closing, payment $825 with taxes and escrow.

Do you mind sharing your mortage scores? I've been quoted the high 2s, low 3s for conventional and I'm 4 years out.

CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694

9/24/20: 4 years from discharge FICO 8: EQ 751 EX 765 TU 766 FICO 9 EQ 814 EX 804 TU 821

VALoanMaster · ‎09-29-2020

@Anonymous wrote:
My BK will be 2 years discharged December 1, 2020. I was just told by a lender that it's a 3 year waiting period. No foreclosure or short sale including in the BK. I didn't own a house at the time. I'm confused.

im looking for new build which will be ready April 2021.

FHA & VA are 2 years post discharge & USDA is 3. Fannie/Freddie is 4 years.

It's possible the lender has an overlay or the LO is green.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.

Anonymous · ‎09-29-2020

My score

@kberly69 wrote:
@Anonymous wrote:
Hi! My BK was 2 years old in July. I applied with several lenders. Found a house, put in offer. Waiting on appraisal right now, my rate is locked at 2.2% for an FHA loan. $147.5k, 3.5% down, 6% seller consessions, $4160 due at closing, payment $825 with taxes and escrow.
Do you mind sharing your mortage scores? I've been quoted the high 2s, low 3s for conventional and I'm 4 years out.

At last pull they (August) were 693, 703, 718.