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Discussion in 'Credit Talk' started by leehoch, Oct 3, 2003.
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I have experience from talking to a lot of different lenders but, the consesus is usually 24 months. Some will do 12 months. This is from the date of discharge. Although some will actually do it from the date you filed. It all depends.
Do you want to get a mortgage right now?
May I ask what your scores are?
I might be able to stear you in the right direction.
In 96 we were told 4 yrs from discharge for our FHA mortgage. We have since refied into a conventional and got rid of PMI but back then that is what we were told.
Now i hear it's much sooner then that. We were approved in 96 after a 5/92 discharge. Only thing they required was a letter of explanation of why we had to file chp 7. We were approved within a week and closed 6 wks later.
You can acutually get a mortgage 1 day after discharge with certain lenders. Now your interest rate and terms are going to be lousy, but it can be done.
If you have a large enough down payment and good employment history, they will work greatly in your favor.
Slightly out of date but.. I did a Ch7 in 83, purchased my first home in 85. Put 15% down, had to payoff student loans (in default) and that was it.
PS - the variable rate was so high I wound up close to foreclosure in 92. Careful what you wish for.
BK 7 Discharge 10/02. Moved into new house 04/25/03. I got an FHA 30 year fixed at 6.5. Don't ask me how they got it to go through. I have no idea other than that they used their own Direct Endorsement Undersigner, or something like that.
BTW, this came after 6 months of hard work on my three CR's and a lot of advice from this group.
Beware of Mortgage brokers that promise the moon, especially if they lurk around groups like this. Got burned badly by one.
Haven't been around in a while (too busy mowing my lawn and hanging wallpaper ;-)). Just ducked in today to catch up a little