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I had an FHA loan, which I began. I later filed for bankruptcy. My bankruptcy discharged in May 2006. I have my credit card since Reconstruction. My credit scores are almost 700 e was told that I can plan for a new FHA loans to 3 years to be in default on my previous loan. I’m buying a new home by the FHA. my lender is the difficulty in getting me a new FHA FHA Cavies number have not paid because the original loan to February 2007. I’ll say I can not get a new FHA loan until February 2010. there address this problem or are there other ways I can qualify for a mortgage? I was to expire at the end of this month. All suggestions are welcome!

2 Thoughts on Mortgage Qualification?
  1. Reply
    Beverly S
    May 4, 2011 at 4:10 am

    The 3 years starts not from date of default – but from date the home is transferred into someone elses name. There is no way around this sorry. Also if you lost home in bankruptcy it’s 3 years from the date the bankruptcy was DISCHARGED. So you are fine on the discharge date but will have to wait till Feb. if you go FHA. Conventional you might qualify now- but you would need a larger down payment. If the house is in a Rural Area you might ask about an RD loan- the requirements for that is a 620 credit score- job/income in line – actually they want a lower income than regular FHA/Conv. and the house must be in a rural area- but these are no down payment loans.

  2. Reply
    Fort Sill Army Wife
    May 4, 2011 at 4:57 am

    No other then just wait it out.

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