FHA Loan and Bankruptcy

Profile picture for cjudkins
Hello,

My 2 year discharge date mark is coming up soon (September) and was curious to the "At least two years since discharge" wording on the requirements for an FHA Loan. 
My wife and I are first time home buyers with steady income (45k more than 3+ years) positive trade lines and not a late payment made for 3 years. FAKO scores reporting 640 across the board and my wifes is hovering around 700.

Is is possible to start the pre-approval process early before th discharge date? Also any first time home buyer programs that can help us with down payments or anything like that? Being a realist, I realize that we might be a year or two out and house hunting can take awhile, but we are simply curious. It would be nice to be in a house by this upcoming Christmas, but we are comfortable waiting for awhile.

If we were to save for a down payment, we are estimating that we would have around 10-15k by September 2012 which would be 3 years out of BK Chapter 7.
Any information regarding BK\FHA and down payments would be greatly appreciated. 

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February 08 2011 - Great Falls
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Profile picture for Andy O
Looking at seller financing is another option, but you need to be realistic about what you can afford.  Download an amortization schedule based on what you hope to buy and calculate how much interest you will be paying over the life of the loan.  Having a significant downpayment is the key to success.  Borrowing too much $$ is the reason many people end up in bankruptcy. (the other big reason is medical bills and inadequate health care insurance)

Good luck, and keep saving for that downpayment!
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February 08 2011
 
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