Posted on: 29th May, 2010 11:46 am
We were discharged from chpt 13 on 2/10 and have improved our credit score. We want to sell our house (7.99 % arm) and get out of this loan and purchase another house.
We quallify for $200k just on my spouses income.
We are keeping everything in budget too.
What are the FHA guidlines for this situation? If not thru FHA than what are our other options?
Thanks
We quallify for $200k just on my spouses income.
We are keeping everything in budget too.
What are the FHA guidlines for this situation? If not thru FHA than what are our other options?
Thanks
Welcome lsegovia,
You have mentioned that your mortgage has been discharged on 2/10. In that case, you won't be able to get a mortgage immediately. You will have to wait for 1 year in order to get a FHA loan whereas 2 years to get a conventional loan.
You have mentioned that your mortgage has been discharged on 2/10. In that case, you won't be able to get a mortgage immediately. You will have to wait for 1 year in order to get a FHA loan whereas 2 years to get a conventional loan.
thank you for your reply,
our mortage was never included in the chpt 13, payments were never behind.
we were also discharged ahead of schedule. are there no exceptions?
if we have to wait till 2/11, i wonder if we should refinance at a lower interest fixed rate & zero cash back? would we qualify for that?
thanks
our mortage was never included in the chpt 13, payments were never behind.
we were also discharged ahead of schedule. are there no exceptions?
if we have to wait till 2/11, i wonder if we should refinance at a lower interest fixed rate & zero cash back? would we qualify for that?
thanks
Hi lsegovia,
Though the mortgage was not included in your bankruptcy filing, the bankruptcy will be mentioned as a negative item in your credit report and will lower your scores. Thus, you will have to wait for the required time period in order to get a loan. You can apply for a refinance with your lender. It will be his discretion whether or not he will consider your request.
Thanks
Though the mortgage was not included in your bankruptcy filing, the bankruptcy will be mentioned as a negative item in your credit report and will lower your scores. Thus, you will have to wait for the required time period in order to get a loan. You can apply for a refinance with your lender. It will be his discretion whether or not he will consider your request.
Thanks