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Answers (5)
- Timothy Sutherland, "SunTrust"
- Contributions:619
It sounds like there was a foreclosure on the house, albeit an unfinished house.
Regardless of the BK, the timetable for the foreclosure would be 3 years on an FHA loan, longer on other loan types.
Regardless of the BK, the timetable for the foreclosure would be 3 years on an FHA loan, longer on other loan types.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
As Robert stated, this does sound like an extenuating circumstance, but you will need proof. These are FHA guidelines that are mentioned. Since you kept up your other credit, you will have established credit and it sounds like you may qualify as long as:
1. FHA guidelines don't change.
2. You get proof of this extenuating circumstance.
3. You work with a lender that does not have credit overlays on the FHA adverse credit guidelines.
One note, this guideline is subjective (what is and isn't extenuating?) and will be solely up to the underwriter, so I would get approved and get a commitment letter in hand prior to writing up a contract. You probably will not get an approval by the automated underwriting system, so have an underwriter approve it.
1. FHA guidelines don't change.
2. You get proof of this extenuating circumstance.
3. You work with a lender that does not have credit overlays on the FHA adverse credit guidelines.
One note, this guideline is subjective (what is and isn't extenuating?) and will be solely up to the underwriter, so I would get approved and get a commitment letter in hand prior to writing up a contract. You probably will not get an approval by the automated underwriting system, so have an underwriter approve it.
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
Actually it's 12 months"if" you can establish that the reason for the BK 7 was due to extenuating circumstances and you are in a much better position now. Not just you spent too much on the cards and could not keep up. You would need a re-established credit history as well with NO derrogatory since the BK.
Hope this helps.
Hope this helps.
- Jemeil Lambert, "JayLends"
- Contributions:24
2 years from date of discharge you may get into a home. However please re-establish tradelines and have no derogatory entries on your credit profile 12 months leading up to your purhase.
so you maybe able to purchase on 04/11 with no negative entries on your credit profile from 04/10 to 04/11.
hope this helps
so you maybe able to purchase on 04/11 with no negative entries on your credit profile from 04/10 to 04/11.
hope this helps
- Cory Polk, "cpolkdoesloans"
- Contributions:20
The standard answer is 3 years, however there are varibales based upon the health of your credit AFTER the BK. make sure you have no derogatory items after and after 3 years, you can buy!
Cory Polk
Cory Polk
Purchase home after BK 7, how long do I have to wait?
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