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Tlkmry, Renter in

Can I qualify for FHA loan after Chapter 7 Bankruptcy and home included?

Asked by Tlkmry, Wed May 2, 2012

I am in a similar situation where I was granted a chapter 7 bankruptcy which was discharged March 2011. I surrendered my home which was also included in the bankruptcy. Can I qualify for a FHA loan under the 2 year rule or do I fall under the 3 year rule? My home is still in foreclosure. So when does the clock start? Is it after the sherriff's sale date or the BK discharge date?

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16
Alma Rose Kee, P.A.’s answer
Try a credit union. GTEFCU.org is a good place to start. They don't have the same strict guidelines and will make a business decision whether or not they should take a risk with you.

Also you have the NACA program:

https://www.nacalynx.com/nacaWeb/purchase/purchaseProgram.as…

Just make sure your Realtor signs you up with NACA or you may have to work with an ASSIGNED Realtor or your Realtor may have to pay a significant fee to NACA.

Hope this helps.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Fri May 18, 2012
Yes you can qualify for an FHA loan just 12 months after a BK now with the HUD back to work program. I have lenders that offer this just check out our site.
2 votes Thank Flag Link Tue Oct 29, 2013
You may be able to finance the purchase of a home two years after you have received your bankruptcy discharge, but you may qualify as early as one year after filing Chapter 13, or one year after discharge in Chapter 7.


Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
1 vote Thank Flag Link Fri Aug 23, 2013
You can email me for a great Lender to speak with. It is best that you go directly to a local Lender with your personal situation.
0 votes Thank Flag Link Fri Nov 29, 2013
Jerry, we havent filed for bankruptcy but do have credit issues. We were victims of a predatory lender and were qualified for a home that cost 500k with only 84k in income. This hurt our credit but we have managed to hang on for 7 years. We really want to get in to something cheaper so we can begin to repair our credit. Do you know any lenders who may consider us? We are trying to do the right thing. We are across the border in South Carolina and have strong stable work history. Thank you
Flag Tue Jan 14, 2014
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile. He has 100s of spam comments left on blogs.
0 votes Thank Flag Link Thu Oct 31, 2013
Good news! FHA shortened the time to wait. Contact your lender today to verify your eligibility.
0 votes Thank Flag Link Fri Aug 23, 2013
Try a credit union. Credit Unions don't use the same strict guidelines as most banks and lenders.

Good luck!

Alma
0 votes Thank Flag Link Mon Jul 22, 2013
We did try a Credit Union, that we have our Savings with and car loans with and they denied us saying it was because FHA guidelines said we can't have 2 mortgages and because we didn't reaffirm our mortgage and need to sell our other house first.
Flag Mon Jul 22, 2013
I have a similar situation but the deed is still in our name although we didn't reaffirm on the mortgag, we have been paying the mortgage. We now want to buy another house since we are selling that house on contract. Can we Quit Claim deed the house into just my name since there is no mortgage on it now and then my husband can purchase a home in just his name? He have been denied, over and over for another mortgage until we sell our home and its frustrating! Our discharge was almost 4 years ago, credit scores around 700 and our annual income is just over $100,000 and we can't get a mortgage sine the deed is still in our name even though it shows discharged in the bankruptcy in 2009! Ay suggestions?!
0 votes Thank Flag Link Sat Jul 20, 2013
Not sure why it says from florida...we love in Indiana
Flag Sat Jul 20, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sat Jun 29, 2013
Actually I looked into the matter a little further after my previous answer and found out that there are a few lenders that will overlook your foreclosure and approve you based on your Chapter 7 discharge date even if a foreclosure was included in your BK.
0 votes Thank Flag Link Fri Mar 15, 2013
So is this reliable info?
Flag Fri Nov 29, 2013
Will you please give me a list of those lenders and do they offer FHA mortgage loans???
Flag Wed Oct 30, 2013
What lenders will overlook a foreclosure that was included in BK? I am in the same situation as Tlkmry
Thanks
Flag Mon Apr 29, 2013
3 years after your home is foreclosed.
0 votes Thank Flag Link Fri Mar 15, 2013
Hello Tlkmry,

My name is Marques I represent CRL home loans we are a brokerage that works with over 70 different lenders. We currently have guideline in place that are as follows. If you have had a foreclosure during a bankruptcy each lender will look at the date of the sherriff's sale so unless you or your spouse served in the military you must wait until Mar 2014.
0 votes Thank Flag Link Fri Mar 15, 2013
I LOST MY JOB AFTER RETURNING FROM IRAQ IN 2010 AND MY DISCHARGE DATE NOV 10,2011 BUT BANK OF AMERICA DI NOT TAKE ME OFF THE DEED UNTIL JAN 2013. DO YOU KNOW WHERE I CAN GET A LOAN FOR A NEW HOUSE?
Flag Tue May 7, 2013
Though the property was included in the BK, your clock for a FHA, USDA, Fannie Mae, Freddie Mac and VA does not start ticking until the day that the Deed Transfers. This could be months or over a year from now.

However, qualified borrowers in your situation don't have to be sidelined and miss out on purchasing a Florida property at these incredibly low prices!

With as little as 25% to 30% down buyers can purchase a Primary Residence, 2nd Home or Rental Property now!

Reasons to purchase now:

1. Recover past lost equity through buying a Florida property at these extremely low prices
2. Re-establish mortgage credit quickly to refinance ASAP while rates are still low
3. Retain as much income as possible with Mortgage Interest write off savings on taxes

Steve McRory
Pro Option Mortgage/ Florida
http://www.Pro-Option.com
steve@pro-option.com
Ph: 888 662 4404
0 votes Thank Flag Link Fri May 18, 2012
Your credit card balances should be at or below 30% of the available credit limit. Also you will need to re-establish your credit. I suggest you go to a credit union to obtain a secured card once the foreclosure is resolved.

Good luck,
Jacqueline Clarke
Town & Country Mortgage Srvs., Inc.
Cell:4075917693
0 votes Thank Flag Link Wed May 2, 2012
Unfortunately you will have to wait a little while longer. In the mean time if you haven’t already, start work on building your credit profile. When you apply for a FHA loan, lenders will want to see a minimum of 3 open and active trade lines with at least a 24 month history on your credit report. Always try to keep any credit card balances below 40% of the available credit limit and it will do wonders for your score
0 votes Thank Flag Link Wed May 2, 2012
No you cannot qualify for an FHA loan at this time. Unfortunately, your kinda in limbo until the foreclosure judgment has been entered. The clock starts when the bk is discharged and/ or the foreclosure was entered whichever is later.

Sincerely,
JACQUELINE CLARKE
Town & Country Mortgage Srvs, Inc
Cell:4075917693
Email:jacqueline@tcmflorida.com
0 votes Thank Flag Link Wed May 2, 2012
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