Posted on: 11th Aug, 2011 10:05 am
hi, need to refinance a seller financed mortgage sometime over the next year. 9 months into the mortgage,all payments on time. income yrly gross income $103,000. mortgage balance $173,000. monthly payments $1327.00. credit scores 690 and 667. total debt (besides mortgage) $5000., personal loan,small credit card balance.
chapter 7 3. 5 yrs ago, short sale 2. 8 yrs ago,there where lates,mortgage co. would not do mod and could not pay rent and keep mortgage current). (extended job loss due to economic crisis). moved out of state for employment. both husband and i same job fields,employers since relocating 3 years ago. (medical field,mechanic). on time payments of all debt since ch. 7. we have savings,401k's and mutual funds. can afford settlement costs and down money for refi. need to know how long do we need to wait to be approved for conv,fha or usda refi. thank you!
chapter 7 3. 5 yrs ago, short sale 2. 8 yrs ago,there where lates,mortgage co. would not do mod and could not pay rent and keep mortgage current). (extended job loss due to economic crisis). moved out of state for employment. both husband and i same job fields,employers since relocating 3 years ago. (medical field,mechanic). on time payments of all debt since ch. 7. we have savings,401k's and mutual funds. can afford settlement costs and down money for refi. need to know how long do we need to wait to be approved for conv,fha or usda refi. thank you!
hi pamelachristinegarrett!
welcome to forums!
after a chapter 7 bankruptcy discharge, you need to wait for 2 years to qualify for a fha loan and 4 years to get a conventional loan. however, in order to qualify for a loan, you should also have a good credit score. i hope you've taken steps to improve your credit score after your bankruptcy filing was discharged.
feel free to ask if you've further queries.
sussane
welcome to forums!
after a chapter 7 bankruptcy discharge, you need to wait for 2 years to qualify for a fha loan and 4 years to get a conventional loan. however, in order to qualify for a loan, you should also have a good credit score. i hope you've taken steps to improve your credit score after your bankruptcy filing was discharged.
feel free to ask if you've further queries.
sussane
It agree, this remarkable idea is necessary just by the way
This would probably take a long time of waiting, work on getting a good credit rating. Or you could try applying for a guarantor loan, have someone take responsibility of your loan repayments.
Thanks everyone. Yes,we've taken steps to improve our scores. My question is since almost 4 years has passed since the Chap. 7 and almost 3 with the Short Sale, what would we need re: our situation above, to be approved for an FHA refi? What is the mortgage community seeing in regards to people seeking refi's or mortgages and actually being approved? Should we apply now or what else should we do in order to get ourselves in order to be approved? If you need more info,let me know. Thank you!
Hi Guest,
If you have reaffirmed your mortgage when you were in Chapter 7 bankruptcy, then you can now contact your lender and apply for a refinance. If you have good credit scores, you'll be able to qualify for a FHA refinance.
Thanks
If you have reaffirmed your mortgage when you were in Chapter 7 bankruptcy, then you can now contact your lender and apply for a refinance. If you have good credit scores, you'll be able to qualify for a FHA refinance.
Thanks