I had a chapter 7 that included a house in 2010. The house foreclosed in 2013 and my name did not transfer off title until last year.
I now have a secure job, my average credit score is 720, 20K in the bank, have reestablished credit and am looking to purchase a new house. I know that programs have changed where they now go off of the BK date and not the foreclosure date.
The loan officer says the only program would be USDA since the Conventional Loan 3% Down Available Via Fannie Mae & Freddie Mac would not work because it is for 1st time home buyers and because the deed was transferred less than a year, I would not be considered a first time home buyer even though when I looked it up, it said nothing on that.
I did get preapproved, but very paranoid that I am not getting a back up plan. I have a builder that will finance building a small energy efficient home for 157400 turn key, but want to make sure everything is going to go thru smoothly since the builder is funding this. He plans to start building in June and completion mid September. Of course he will get paperwork from the mortgage company to confirm, but still nervous.
The loan officer told me the only thing I need to do is not work too many hours of overtime which could put me over the income threshold for a USDA loan.
My question is are there any other option for loans for this situation???
Thanks
I now have a secure job, my average credit score is 720, 20K in the bank, have reestablished credit and am looking to purchase a new house. I know that programs have changed where they now go off of the BK date and not the foreclosure date.
The loan officer says the only program would be USDA since the Conventional Loan 3% Down Available Via Fannie Mae & Freddie Mac would not work because it is for 1st time home buyers and because the deed was transferred less than a year, I would not be considered a first time home buyer even though when I looked it up, it said nothing on that.
I did get preapproved, but very paranoid that I am not getting a back up plan. I have a builder that will finance building a small energy efficient home for 157400 turn key, but want to make sure everything is going to go thru smoothly since the builder is funding this. He plans to start building in June and completion mid September. Of course he will get paperwork from the mortgage company to confirm, but still nervous.
The loan officer told me the only thing I need to do is not work too many hours of overtime which could put me over the income threshold for a USDA loan.
My question is are there any other option for loans for this situation???
Thanks