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Options For 2nd House 2.5 yrs Post Discharge?

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    Options For 2nd House 2.5 yrs Post Discharge?

    So I had a rude awakening yesterday in finding out that to get a Conventional loan you need to be discharged for 4 years from a Chap 7. My situation is that I have a house pre bk, didn't reaffirm it. Finally decided to do a refi with another lender so it would be back on my credit report and help with my scores. Currently they're 675, 692, and 667 from a real estate pull.

    But.. My current loan is FHA, and the refi is turning it in to an investment property. I'm currently renting a house with my girlfriend (closer to her office than my house). I want to purchase another house for us to live in, while keeping my current house as an investment property as I'm getting about $400/mo positive cash flow. But I can't have more than 1 FHA loan, and the restrictions on conventional loans are now apparent to me.

    Does anybody know any options or workarounds for me to keep my current house, and buy another? The rental prices in our neighborhood are sky high, and I really don't want to continue to throw away cash. My realtor friend is pulling everything off the MLS that shows owner/seller finance available, so I can get an idea of what kind of pool of properties I can look for there. But if those turn out to be few and far between, it seems my only option is to find another rent house to live in until I'm the full 4 years post discharge.

    Thanks for your help!

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