Posted on: 12th May, 2009 08:20 am
My chapter 7 will be discharged in NOV 2009
MY scores are 633 573 and 677 NO idea why they are so far apart...working on that (2 credit card 4k limits no balance, 2 car loans never late etc)u
2008 w-2 Income was 225k and I will make around the same this year...
issue is I want to buy a 515k home (IN PA) and FHA only allows up to 417k to mortgage...I have around 150k in cash for a down payment...before I get to involved I would like to know if FHA loans can be used in this situation?
Ideally I would like a conventional loan but I have heard I need to wait 4 years..(i will pay cash by then!) chapter 7 was due to my stupidity buying a home when I was 24 for 325k when I was only making 75k a year...ARM, higher rate, we have all heard the story...
whatever the case, NOVEMBER is coming up and my rent ($3500 a month) is up in August...I need to get a plan of action soon. Thanks for any help
MY scores are 633 573 and 677 NO idea why they are so far apart...working on that (2 credit card 4k limits no balance, 2 car loans never late etc)u
2008 w-2 Income was 225k and I will make around the same this year...
issue is I want to buy a 515k home (IN PA) and FHA only allows up to 417k to mortgage...I have around 150k in cash for a down payment...before I get to involved I would like to know if FHA loans can be used in this situation?
Ideally I would like a conventional loan but I have heard I need to wait 4 years..(i will pay cash by then!) chapter 7 was due to my stupidity buying a home when I was 24 for 325k when I was only making 75k a year...ARM, higher rate, we have all heard the story...
whatever the case, NOVEMBER is coming up and my rent ($3500 a month) is up in August...I need to get a plan of action soon. Thanks for any help
hi guest,
you can get an fha loan at least 2 years after a discharge from chapter 7 bankruptcy. in order to qualify for a conventional loan, you will have to wait for at least 3-4 years. since you have not yet been discharged from bankruptcy, it will be difficult for you to qualify for a new mortgage. as far as the fha loan limit is concerned, the maximum limit in high-cost areas is 115% of the local median price. this however should not exceed $625,500 limit. the maximum conforming loan limit for single family residences is $417,000 nationwide.
you can get an fha loan at least 2 years after a discharge from chapter 7 bankruptcy. in order to qualify for a conventional loan, you will have to wait for at least 3-4 years. since you have not yet been discharged from bankruptcy, it will be difficult for you to qualify for a new mortgage. as far as the fha loan limit is concerned, the maximum limit in high-cost areas is 115% of the local median price. this however should not exceed $625,500 limit. the maximum conforming loan limit for single family residences is $417,000 nationwide.