how long ,on average do we have to wait

[okiemom2008]

How long after bk(discharging the house) do we have to wait to get a home loan? If we have say 30% down?

[justbroke]

Usually about 2 years. The large downpayment will go a long way to getting you approved and a good rate. You'll probably need to go through an FHA loan program as well.

The key is... pay every single bill on time until you're ready to buy!

[AngelinaCatHub]

How long after bk(discharging the house) do we have to wait to get a home loan? If we have say 30% down?

Wow, how did you get that much down after bk? (None of my business of course)

It is the "Old way" that if practiced long ago, instead of giving our spoiled brats the idea that everything you want can be gotten NOW and on a plastic card, we would not be in the fiscal mess we are in. Only my opinion. 'Hub

[relief13035]

Wow, how did you get that much down after bk? (None of my business of course)

I was thinking the same thing. If I had 30% of my house cash, I don't think I'd be in this mess right now.

[okiemom2008]

I was thinking the same thing. If I had 30% of my house cash, I don't think I'd be in this mess right now.

We don't have 30% now but hoping to in the future lol

[okiemom2008]

Usually about 2 years. The large downpayment will go a long way to getting you approved and a good rate. You'll probably need to go through an FHA loan program as well.

The key is... pay every single bill on time until you're ready to buy!

Makes sense! The only problem is we are not going to have any bills after bk other than utlities. I dont even think they report to the credit beaures(sp?) though.

[Logan]

Makes sense! The only problem is we are not going to have any bills after bk other than utlities. I dont even think they report to the credit beaures(sp?) though.

In order to get a mortgage you will need trade lines. FHA requires four so I suggest you open some credit cards.

Logan

[justbroke]

In order to get a mortgage you will need trade lines. FHA requires four so I suggest you open some credit cards.

Logan

You may be able to use utilities as tradelines, but you are correct, that it's better to have them in your credit report... being reported!

[halloweendmb1]

Fannie/Freddie require a 4 year waiting period from the discharge date, yes even on a chapter 13.

FHA will consider you after 2 yrs but the FHA loans cost much more and require PMI no matter LTV you are at. With that much down after 2 years try your local credit union or community bank to get an in house loan for 3 years untilt he 4 year Freddie window opens and refinance into a fixed rate.

[Logan]

Fannie/Freddie require a 4 year waiting period from the discharge date, yes even on a chapter 13.

FHA will consider you after 2 yrs but the FHA loans cost much more and require PMI no matter LTV you are at. With that much down after 2 years try your local credit union or community bank to get an in house loan for 3 years untilt he 4 year Freddie window opens and refinance into a fixed rate.

PMI is mandatory only the first five years for FHA and can be discontinued once your ltv is 78% (after 5 years).


Logan

[dbryant]

Here is my situation. We foreclosed on our home in Sept 08, and it sold about Oct 08. We filed for Ch 7 in Dec 08, and our lawyer included the mortgage in our filing. It did not make sense to me at the time, but with the filing, our old mortgage company was notified of our filing, and issued a 1099-A to us (saved us on taxes). My question is, since the house had already foreclosed prior to filing, but since it was included in the filing, would we have to wait 2 years (BK) or 3 years (foreclosure) to be able to qualify for a new loan? Our discharge date is 1/23/09 so i wont be able to see the results on my credit report till it is done. I am getting a new job next month in which i'll easily be able to save 30 - 35% in a 2 years for the down. Any help is appreciated

[Logan]

3 years from foreclosure.

[halloweendmb1]

PMI is mandatory only the first five years for FHA and can be discontinued once your ltv is 78% (after 5 years).


Logan

Good luck getting rid of it, I know 5 famils that have tried and FHA said no to all five families after they had it for 5 years.

[Logan]

Good luck getting rid of it, I know 5 famils that have tried and FHA said no to all five families after they had it for 5 years.

Their LTV must be under 78% to drop the PMI. It's in the FHA guidelines so it's pretty straight forward. Of course they would need to get an appraisal which would be pretty tough to get any value in today's market.

If their LTV's are below 78% they should just refi anyways since rates are most likely lower than their current mortgage.

Logan

FHA Mortgage Insurance
Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA loans require mortgage insurance primarily for borrowers making a down payment of less than 20 percent.

Mortgage insurance is charged to the homeowner each month at the rate of .5 percent per year of the total loan amount. FHA also charges an upfront mortgage insurance premium of 1.5 percent.

FHA's monthly mortgage insurance payments will be automatically terminated when these conditions occur:

* For mortgages with terms 15 years and less and with Loan to Value ratios 90 percent and greater, annual premiums will be canceled when the Loan to Value ratio reaches 78 percent regardless of the amount of time the mortgagor has paid the premiums.

* For mortgages with terms more than 15 years, the annual mortgage insurance premiums will be canceled when the Loan to Value ratio reaches 78 percent, provided the mortgagor has paid the annual premium for at least 5 years.

* Mortgages with terms 15 years and less and with Loan to Value ratios of 89.99 percent and less will not be charged annual mortgage insurance premiums.

[krielly]

Fannie/Freddie require a 4 year waiting period from the discharge date, yes even on a chapter 13.

Is this really accurate? If you're in a 60 mos plan, for example, 2 years after discharge the BK would be removed from your CR. So.......how would they even know about it?