I contacted Flagstar Bank as you recommended for our construction loan. I gave her the low-down on our situation with our Ch 13 BK filed in 2001, but just discharged in 6/06. She initially told me that it would need to be discharged 2 years according to Fannie Mae's underwriting guidelines, but with our "exceptional" case, she would try to get approval to go ahead with things, but wait to close until June when the two years would be up for the discharge. I told her that I know I had seen it somewhere that Fannie Mae just has policies on the filing date and at the time I couldn't remember where I had read it. So, I found Fannie Mae's guide to underwriting with DU 2007 version online and found what I was talking about. I called her with it and told her exactly what page it was on and she was almost shocked (probably because I had done so much research that I knew Fannie Mae's underwriting policy better than she did) and said that in 27 yrs, they had always said that a BK had to be discharged 2 yrs before applying. She is now looking into it and is supposed to get back with me today. We qualify in every other way, we just needed the BK to be ok'd.
Thanks, Shane for recommending them. They are extremely nice and not judgmental at all!!
