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Purchased a Condo 3yrs post BK!

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morgacj2004
Valued Contributor

Purchased a Condo 3yrs post BK!

So I signed all of the docs today should close in another 30 days. 2 bedroom 2 bath condo (2009) furnished. Could not be happier. BK discharge 3 yr anniversary was 11/12/2015. FHA with 3.86%  30 yr.


AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
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StartingOver10
Moderator Emerita

Re: Purchased a Condo 3yrs post BK!

Congrats!

 

Now, before you get too excited - please double/triple check to make sure of two things that frequently trip up FHA financing for condos:

  • check the condo association reserves and if you don't know what this is, get the COA budget for this year that shows the reserves
  • make sure the condo is approved for FHA financing, go to fha.gov and look it up (there is a list of approved condo's)

Otherwise, if you know those items are okay, then have a smooth closing!

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morgacj2004
Valued Contributor

Re: Purchased a Condo 3yrs post BK!

I have an excellent realtor and loan officer who already checked both of these items for me. Closing has been set in approximately 3 weeks. So we are good to go. You are absolutely right however on both of those points. The first condo I looked at was listed on the FHA web site with approved status however the status was incorrect as the condo association had not sent in the required paperwork for this year and  the deal fell apart. I learned not to trust the FHA site.! and to verify with the property manager or HOA president.


AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
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Scupra
Super Contributor

Re: Purchased a Condo 3yrs post BK!

Congrats!!! Feels great Smiley Very Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 4 of 6
pizza1
Community Leader
Super Contributor

Re: Purchased a Condo 3yrs post BK!

Thats SOOOOO awesome!!! Im So happy for you!!!! Much congrats!!! I can't see the rest of your SIggy for whatever reason, but what were your Mortgage scores? Who did you go with for lending? Did you put any $$$ down??
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morgacj2004
Valued Contributor

Re: Purchased a Condo 3yrs post BK!

Thanks. Went FHA 3.5% down. Seller agreed to pay 5k closing costs. I will be coming to the table with 9k at closing. Went with AKUSA FCU. Very happy with my loan officer Kristen Brown. My Equifax Beacon 8 score was 691.  My prev TU score with AKUSA was 693. 


AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
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