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    FHA mortgage

    is it possible to get an FHA mortgage 6 months after BK DISCHARGE?
    Filed chapter 7 on 9/17 341 on 10/20
    Chapter 7 Trustee's Report of No Distribution on 10/21
    Discharged and Case Closed on 12/21/2010

    #2
    Two years from discharge (not filing date) is the standard waiting time. Not sure if they make exceptions for extenuating circumstances (medical catastrophe, etc).
    There are two secrets for success in life:
    1.) Never tell everything you know.

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      #3
      I'm one to say nothings impossible but unless you have a very special circumStance 6 months will not be possible. Even with extenuating circumstances you'd need a year minimum.

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        #4
        I'm one year out from discharge and I have talked to a couple of mortgage lenders and I can confirm what debee and Logan are saying. I would also add that any delinquent marks on your credit from discharge will also make you ineligible according to who I talked to. Extenuating circumstances are considered acts of GOD or the like. Oh well, I can wait and save for another year, just means I'll have more for a down payment. Hope that inflation doesn't get ahead of me!
        Filed CH7 Feb 12 2010
        341 March 18
        Discharged...May 18
        Awaiting closing...

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          #5
          Originally posted by Dannmcg357 View Post
          I'm one year out from discharge and I have talked to a couple of mortgage lenders and I can confirm what debee and Logan are saying. I would also add that any delinquent marks on your credit from discharge will also make you ineligible according to who I talked to. Extenuating circumstances are considered acts of GOD or the like. Oh well, I can wait and save for another year, just means I'll have more for a down payment. Hope that inflation doesn't get ahead of me!
          Dannmcg357, at the rate house prices are dropping nationally, you may be better off buying next year.

          In the past year, the median home value fell $15,000.
          Filed/discharged/closed Chapter 7 in 2010!

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            #6
            Originally posted by IHateToBeEmo View Post
            Dannmcg357, at the rate house prices are dropping nationally, you may be better off buying next year.

            In the past year, the median home value fell $15,000.
            Exactly right! 3 to 5 years until a turnaround. There will always be places that turn faster such as the beach but housing has not turned the corner yet in most of the country and most likely won't for a couple more years.

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