Question about timeframe after discharge

[senzadebiti]

I'm hearing that you have to wait two years after discharge to qualify for an FHA loan. I'm wondering if it's definitely two years, or can you qualify before the actual two years, if it's coming close?

We were discharged Ch. 7 in Nov 2007. We'd like to start shopping for mortgages now. Our credit scores have climbed back to the high 600's and we'll probably have 3% down.

Any chance we'll get approved this spring?

[Trixie007]

They are pretty strict about it -2 years for BK, 3 for foreclosure. I thought I had read that they were going to make it even longer, but their website still says two.

[halloweendmb1]

strict

[brokeNconfused]

so what do thoes of us do who are still in an adjustable rate and in a 13 plan? There is nothing, but lose my home????

[Logan]

I'm hearing that you have to wait two years after discharge to qualify for an FHA loan. I'm wondering if it's definitely two years, or can you qualify before the actual two years, if it's coming close?

We were discharged Ch. 7 in Nov 2007. We'd like to start shopping for mortgages now. Our credit scores have climbed back to the high 600's and we'll probably have 3% down.

Any chance we'll get approved this spring?

To get it under two years you would have to show reason's beyond your control for your BK and then have reestablished credit and a low DTI.

It would be tough.

[oldhack]

The 2-year wait period is following a Chapter 7 discharge. Those who are discharged from Chapter 13 may qualify the next day, if they pass underwriting (which I just did: http://www.bkforum.com/showthread.php?t=35631).
If you're still in a Chapter 13 proceeding, FHA will accept an application after you've successfully completed one full year of on-time payments, with written permission from your trustee.