Mortgage Qualification???

Posted on Oct 3, 2012 in FHA Information

Question by oldwiseone: Mortgage Qualification???
I want to know when will I be able to qualify for any kind of mortgage again. I had a FHA mortgage that was forclosed on in 2007. I am told that I will not be eligible for another FHA loan until 2010. I also have a bankruptcy that has been discharged for the past two years. I have been rebuilding my credit and my scores are mediocore right now. I am ready to purchase another home and stop renting. Any advice?

Best answer:

Answer by Biggie @ Arbor Mortgage
You may have to wait even longer because of a foreclosure after a BK. You will have to keep renting for the meantime unless you have a considerable down payment.

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2 Comments

  1. the bk will exclude you from conforming financing for at least 2 more years. must be 4 years out and 4 years away from foreclosure. The only way now is a land contract or a lease purchase and always pay by check as that is your paper trail to the future
    I am a mortgage banker in TN & KY

  2. Golfer that’s not true…(if I an reading what you stated abt being out of the BK for 4 years correctly) I filed Chptr. 7 in Feb 06 –discharged June 06 and I have reestablished good credit and am in the process of buying a home using an FHA loan. It’s 2 years after your BK dischange if you have reestablished and have good/excellent payment history