Home Buying in 48346>Question Details

desdemona107, Home Buyer in Clarkston, MI

Is it 12 or 24 months waiting period from date of last late (30 days) on a FHA first time buyer mortgage?

Asked by desdemona107, Clarkston, MI Tue Apr 23, 2013

I have BK discharged 3.2011 - everything I read states 12 months from last late but when I applied today for a preapproval I was told it was 24 months - which one is it? Date of last late was 11.2011

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Answers

3
I think it is always best to speak to a mortgage professional about your specific situation. They can go over what your goals are, what you need to do and how to do it. There are many different programs available and they can review what will work best for you.
0 votes Thank Flag Link Sun Oct 27, 2013
My lender requires 3 years from date of bankruptcy discharge - Chapter 7.
If you have lates after your BK we must see PERFECT credit for at least the last 2 years.

Best case my bank could do would be 3/2014
0 votes Thank Flag Link Tue Apr 23, 2013
As I stated in my reply to Charles - I did NOT BK a mortgage there is no need for me to wait 3 years - even the FHA website states that... A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. http://portalapps.hud.gov/FHAFAQ/controllerServlet?method=showPopup&faqId=1-6KT-188

What I do not see is this required 24 month from last know late payment on an installment loan. Could this be specific to that particular mortgage company?
Flag Tue Apr 23, 2013
It seems you are asking two separate questions that do not coincide, which is fine I just want to be sure I provide you accurate information.

It is generally 12 months from a 30 day mortgage late in order to qualify for a mortgage, that is when you currently own a mortgaged home; like if you were going to refinance or purchase another home.

If you had a home you lost in BK you are generally looking at a 24-36 month waiting period before you can qualify for another mortgage.
0 votes Thank Flag Link Tue Apr 23, 2013
Hi
I guess I did not word my question correctly (wrote it on the fly) - I did NOT BK a mortgage - I have never been on a mortgage - I am attempting to qualify for a first time buyer FHA loan. What I have is a couple of late payments on my car loan last one being 11.2011 (transfer of employment) when I applied this morning for a FHA through a Michigan based mortgage company I was told I would not be approved because I need 24 months from date of last late payment. So he told I can reapply in December 2013. Everything I read states FHA just needs 12 months from an recent lates. Could it be just their underwriting?
Flag Tue Apr 23, 2013
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