Recommendations six months from now for an FHA loan

[turion65x]

Hello , New to the forum , I am just looking to prepare myself six months from now to purchase an FHA home loan.

I have good credit since my post BK in 2008 and 2 foreclosures that ended in Dec. 2009 And Jan 2010 ( transfer of Title)

*scores range from  680-700

*Putting approx 20% down 

I have been self employed for many years now ..I know as a self employed they ask for more documentation compared to a w-2 employee.

I would greatly appreciate for any recommendation on how to prepare myself six  months from now. Thanks in advance !

Things I know for self employed:

Last two years of self employed 1099X / Sch C Profit and loss

2 months of bank statement 

60 days money being seasoned in savings/checking 

[Booner72]

Hi and congrats on your first post!

I would not apply for any new credit, avoid any new inquiries, and I would "opt out" which means the CRA's cant sell your info to anyone - this may help if you have old collections out there you might not be aware of. Google "OPT OUT" and you fill lit in and it's good for 5 years online.

Other than that I think you are in really good shape.

(don't overdraw your checking account or use cash advances, either).

[turion65x]

Thanks for your response, But how exactly can i OPT OUT can you show me the link ?

I also realized that I have a collection that was not included in the BK back in 2007 before my BK I was wondering if that would effect it stays" $400 written off PAID CLOSED" , I was never late after my BK what so ever so I dont know if that would be a red flag ,

The other question is having 2 post forclosures would it give me a hard time obatining an FHA ?

Thanks!

[webhopper]

You might have to wait 3 yrs after the 2010 foreclosure, check with the lender when you are interviewing lenders. Be prepared to write letters to explain the foreclosures.

I think you will be fine.

I agree with opting out.

To opt out, go to optoutprescreen.com

[turion65x]

Yes , I would be good to go by this coming Jan 2013 (title transfer Jan. 9 2010 and Dec. 3 2009)
So I assume if I prepare myself six months from now I would be good to go after I file my 2012 tax returns please correct me if am wrong , Thanks!

[webhopper]

Yes! Seems like you would be good to go. I agree with filing taxes before you apply; so that you can use your 2012 income in the average instead of your 2010 income which may have been lower. I also recommend that you interview lenders; at least 3 before you move forward with the application. Call in acting dumb and let them explain the Fha mortgage. If its obvious that their knowledge is lacking move on! By all means don't let them pull your credit until you have settled on a knowledgeable lender. I have a lender that I'm using for my Fha streamline refi for an investment property (yes it was hard finding a lender who knew how to refi a home that wasn't owner occupied) I interviewed 9 lenders before I picked her. If you'd like her name just to call and chat; send me a private message. She wont pull credit til you are ready. She waited from may 12 to July 30 to pull my credit. Good luck!

[turion65x]

Thanks for your response back , I was also told that going with a small lender your chances of getting approved is higher than going with a known bank like wells fargo etc, and webhopper I would greatly appericate if you PM your lenders info ,Thanks in advance !

[webhopper]

No problem! I just sent you the info. Good luck!