Posted on: 14th Jan, 2013 01:44 am
I filed Ch7 and got it discharged in 2012. My wife and I are moving to Denver within the next 4-5 months. Since I have heard of FHA mortgages being approved before the 2 year mark but not being able to close until the 2 year mark is reached. My question is, if there is a home that has to built and will take 7 or 8 months to complete can we be apply and be approved 5 or 6 months in advance of that 2 year mark?
Hi Guest,
Yes, in order to close a FHA loan after your bankruptcy Chapter 7 is discharged, you will have to wait for 2 years. In order to build a home, you will have to go for a construction loan. So, if you don't qualify for a construction loan, you won't be able to start the work for your home. So, I don't think your plan will be sucessful.
Thanks,
Jerry
Yes, in order to close a FHA loan after your bankruptcy Chapter 7 is discharged, you will have to wait for 2 years. In order to build a home, you will have to go for a construction loan. So, if you don't qualify for a construction loan, you won't be able to start the work for your home. So, I don't think your plan will be sucessful.
Thanks,
Jerry
Hi Guest!
Welcome to forums!
I agree with what Jerry has said. There is hardly a chance that you will get a construction loan in your npresent situation. Before 2 years of bankruptcy discharge is complete. I don't think any lender will qualify you for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Jerry has said. There is hardly a chance that you will get a construction loan in your npresent situation. Before 2 years of bankruptcy discharge is complete. I don't think any lender will qualify you for a loan.
Feel free to ask if you've further queries.
Sussane