Question
Mortgage Qualification?
I had a fha home loan that i defaulted on. I later filed for bankruptcy. my bankruptcy was discharged in may 2006. i have been rebuilding my credit ever since then. my credit scores are almost to 700. i was told i can qualify for a new fha loan 3 years after defaulting on my previous loan. i am trying to purchase a new home through fha. my lender is having a difficult time getting me a new fha caviers number because fha did not pay off the original loan until feb 2007. i am being told that i can't get a new fha loan until feb 2010. are there any remedies for this problem or are there any other ways that i can get qualified for a mortgage? i was scheduled to close at the end of this month. all advice is welcome!!!
6 months ago - 2 answers
Best Answer
Other Answers
The 3 years starts not from date of default - but from date the home is transferred into someone elses name. There is no way around this sorry. Also if you lost home in bankruptcy it's 3 years from the date the bankruptcy was DISCHARGED. So you are fine on the discharge date but will have to wait till Feb. if you go FHA. Conventional you might qualify now- but you would need a larger down payment. If the house is in a Rural Area you might ask about an RD loan- the requirements for that is a 620 credit score- job/income in line - actually they want a lower income than regular FHA/Conv. and the house must be in a rural area- but these are no down payment loans.
by Beverly S- 6 months ago