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sangsangsti, Renter in Las Vegas, Las Vegas,...

FHA Loan - Have chapter 7

Asked by sangsangsti, Las Vegas, Las Vegas, NV Sun Oct 14, 2012

Hi, I filed chapter 7 in April 2010. It was discharged in June 2011. FHA loan requires 2 yrs of discharged date. My question is, I want to buy a house in march or April of 2013. Do I have to wait after the 2 yrs to apply for a loan or can I apply before and close my loan in June 2013? My credit score is 680 and I have 3 trade lines, everything is current and on time.

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Answers

7
The Federal Housing Administration (FHA) will insure loans for qualified buyers, (2 years after banckrupcy's discharge) who stablish their credit history in that time and it can not be any late payments or any collection judgments on that report. You do not have to wait until June 2013 to shop around for a reliable mortgage broker that can help you to check your credit report and increase your credit score, so you can be ready on June 2013 to submitt your offer in any property that you like.

Best of Luck,

Maria Cipollone

Century 21 Tenace
http://www.Flahomespecialist.com
2 votes Thank Flag Link Sun Oct 14, 2012
If you are seriously looking for a realistic assessment of your credit qualifications and help with credit repair, I would email or phone for a private, no obligation consultation to
Sharon @Southern Fidelity Mortgage 702-862-6775
email http://www.Sharonmaylee@gmail.com


David Cooper Investor 702-499-7037

Don't Miss Todays Bank-Owned Foreclosure List http://www.lasvegaswinner.org
1 vote Thank Flag Link Wed Oct 17, 2012
Hi Sangsangsti

My reccommendation would be talk to Mortgage Loan Broker, Contatc Barbara Estes, W J Bradley
Ph: 702-281-0122 or Email:barbara.wjbradley.com.

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com


I KNOW LAS VEGAS AND HAVE FOR 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New homes)
1 vote Thank Flag Link Mon Oct 15, 2012
If you are seriously looking for a realistic assessment of your credit qualifications and help with credit repair, I would email or phone for a private, no obligation consultation to
Sharon @Southern Fidelity Mortgage 702-862-6775
email http://www.Sharonmaylee@gmail.com


David Cooper Investor 702-499-7037

Don't Miss Todays Bank-Owned Foreclosure List http://www.lasvegaswinner.org
1 vote Thank Flag Link Sun Oct 14, 2012
My team provides full service from start to finish. Loan Approval, Custom Buyer Services, Appraisal, and Inspections. We can start the process now:
1.) Loan Approval with North American Financial
2.) Custom Property Search per your detailed criteria.
My wife and I have lived in Vegas since 1976 and full time Realtors since 1985. We specialize in helping buyers/investors find great deals with foreclosures, distress sales, divorce sales and our investors who want to sell thier rental homes. We can start the process now and have properties for you to make offers on 30 to 60 days ahead of closing date. Please call anytime after 8am to discuss your needs. Thanks, Kim and Matt

Kim and Matthew D’Ercole
One Source Realty and Property Management
Buyer / Investor Specialists
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
1 vote Thank Flag Link Sun Oct 14, 2012
It depends not only on the discharge date but what was included in your BK Chapter 7. Do you have any foreclosures on your credit? Short sales? If so FHA will want 3 years from a foreclosure and 2 years for a short sale if you were late on payments. If you need a good loan officer to speak with about this please let me know and I will send you 2 loan officers' contact info that are very knowledgeable and that we work with everyday.


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Wed Oct 17, 2012
No, I don't have any foreclosures or short sale. This will be my first home. As of right now I haven't contact any broker yet. I'm thinking of waiting till March or April to start my process.
Flag Fri Oct 19, 2012
Hello,

1st, if you had a foreclosure after your BK7 discharge (even though it was wrapped into the BK) you cannot qualify for a loan until 2 years from that date.

2nd, no you do not have to wait the full two years for an approval letter. A loan officer could give you a conditional approval months before you could actually qualify.

Sincerely,


James Bellile
iProperties International
http://www.LasVegasRealEstateConnection.com
702-222-0815
0 votes Thank Flag Link Sun Oct 14, 2012
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