Lenders (not FHA) may have additional overlays. For example - even if it was an FHA loan, Chase requires the following:
10 % - if date since short sale >36 but < 84 months
3.5 % - if date since short sale > 84 months
So when you talk to your broker - find out who is the bank who will purchase the loan. Ask them for the additional overlays. Many brokers will just spew out the FHA requirements - which gives you the false sense of security.
For a Chapter 13 Bankruptcy, then you must have made at least 12 on time payments. Additionally, you must also have permission to purchase from the Bankruptcy Court.
In the time since the Bankruptcy, there should be no new derogatory items such as late payments, collection accounts, liens, judgments, etc. Having late payments after a Bankruptcy is often viewed as a disregard for the importance of credit. It also reflects that you are still having financial struggles.
If a mortgage was included in the Bankruptcy, you must wait at least 36 months from the foreclosure date to be eligible for an FHA mortgage. Sometimes, the foreclosure happens well after the Discharge Date of the Bankruptcy. If the mortgage was no re-affirmed, there is not much that can be done until the property get foreclosed on.
Getting Pre-Qualified is the only way for you to find out your options once you pass the 24 month mark. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing