Is FHA the only option? [Archive]

gcibluebird

12-29-2008, 10:41 AM

We were discharged in Nov 05. We just bought a house and closed on Jul 31st of this year. We were told we had to go FHA because we had gift money for down payment. We had some of our own as well, but my husband's parents gave us a HUGE chunk of cash and we didn't want to wait the 90 days for it to season in our account. So, we went FHA. We locked in 6.75%. Our scores were in the 730's.

Anyway, we are looking into refinancing (lower rates) and the lender is still saying that we HAVE to go FHA. Is this because of the BK? At what point can we switch to a conventional loan? Is that a better option or should we stick with FHA?



	Bankruptcy Forum > After the Discharge > Mortgage after BK > Is FHA the only option? PDA Is FHA the only option? gcibluebird 12-29-2008, 10:41 AM We were discharged in Nov 05. We just bought a house and closed on Jul 31st of this year. We were told we had to go FHA because we had gift money for down payment. We had some of our own as well, but my husband's parents gave us a HUGE chunk of cash and we didn't want to wait the 90 days for it to season in our account. So, we went FHA. We locked in 6.75%. Our scores were in the 730's. Anyway, we are looking into refinancing (lower rates) and the lender is still saying that we HAVE to go FHA. Is this because of the BK? At what point can we switch to a conventional loan? Is that a better option or should we stick with FHA?