FHA loan

[sick of debt]

Just wondering if anyone had any information or input as to how long it takes for an FHA approval etc.... We will be eligible in August

[nomoneynomore]

We received our approval in less than a week from 3 different banks. I was shocked at how different the offers were. The approval amount was between $40k and $70k but all around 4.85%. We are about 2 1/2 years out of our ch 7. The rebuilding of our credit has made a HUGE difference.

[sick of debt]

Thanks! was the experience painful??? We had a foreclosure so we will be 3 yrs in August. What did you do to rebuild? We have a small auto loan and a small credit card (for about a year). I think we are in good shape!

[nomoneynomore]

We also rebuilt with credit cards and auto loans. I would go ahead and get any and all paperwork in order & keep it in a file together. Our process wasn't painful at all because all our paperwork was together, we submitted it with the application and waited 4 days (I think) to hear from the bank. I keep our bankruptcy paperwork (all of it, not just the letter of discharge), taxes & W2s, pay stubs, copy of SS & DL, all bank records, list of previous landlords & employers, list of assets and debts etc together. It makes it so much easier because you don't have to search for them when the time comes. I also have a letter written up explaining our bankruptcy and what we have done to rebuild our credit and be responsible. The credit union we got our 1st auto loan through told us the letter was what swayed their final decision as to give us the loan!

Our biggest hitch was that our mortgage company for the house we did a reaffirmation on was showing that they had charged off our loan as of March 2009 when we had in fact sold the house & paid it off. I had our satisfaction of mortgage on hand, so we had the proof needed and it wasn't a problem.

If I were you, I would pull my credit now & fix any mistakes found so it is done before Aug. If something is wrong, make sure you have proof in case it doesn't get updated in time on the reports.