When is FHA possible?

[michaels88369]

I filed BK7 03-31-15 and discharged 07-07-2015. I included a USDA home loan on the petition. The trustee sold the interest in the home basically giving him the right to negotiate the sale of the home to him from the lender. If he can't strike a deal he gets to rent the home out until the foreclosure happens. The USDA is years behind on filing foreclosure in Florida. I am sure this is getting reported to CAIVRS and need to know what date I can apply for a FHA loan. I be 2 years post filing in March. Any help would be appreciated. On a side note the bk was an asset case and most debts were paid by the trustee and the case is still open but discharged.

[Anonymous]

I was told by an LO that I need to be 2 years post discharge. I did a deed in lieu after the ch 7 discharge, but I've been told that because the house was not reaffirmed in the bk, then my clock started the day of discharge. I was looking at getting an FHA, but I will probably go USDA since I live in a rura area - if I can get my new collection deleted.

[michaels88369]

I'll try and contact the USDA and see if they'll do a deed in lieu. So my clock started at discharge even if the home is still technically in my name?

[ShanetheMortgageMan]

Correct, as long as there is accurate CAIVRS hits then FHA won't be a possibility.  CAIVRS hits usually are removed upon their expiration date.   I've never seen someone with a USDA CAVIRS hit before, but if it's like FHA, then it'll stay on for 3 years after USDA files the claim (i.e. after 3 years an FHA claim falls off).  You can have a lender check your CAIVRS and if there is a hit, then a phone number (to USDA) will be listed where you can call.  Otherwise, you might be able to get information from USDA directly (contact info) on if they filed a claim that'll appear in CAIVRS.

[michaels88369]

If I want a lender to check my CAIVRS will I have to let them run my credit report?

[ShanetheMortgageMan]

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@michaels88369 wrote:
If I want a lender to check my CAIVRS will I have to let them run my credit report?

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Nope, all they need is your name & SS#.

[michaels88369]

Thank you! I will call NFCU now

[michaels88369]

After 2 hours of straight calls I finally reached someone who would pull my CAIVRS report without applying fully for a mortgage!

She was very helpful in walking me through the whole process if a USDA loan was included in a BK7. She then explained it's usually 3 years post title change/foreclosure not discharge.

After I explained my whole situation and the way the home loans reports on my credit as paid in full and 0 balance she runs my CAIVRS and says it's clean with no remarks!!! Says I should have no issue with applying for a FHA loan on 07-08-2017 exactly 2 years and 1 day from discharge.

I'm pretty excited to hear that news!