FHA home loan. Do we qualify?

BK7 discharged 3 1/2 yrs. ago. We had to list all creditors since we were liquidating. Our home loan wasnt in a pre foreclosure, but still had to list it. We stayed current on loan, before, during, and after BK7 was discharged, and we still current today. With that said, our home loan was discharged and Included in BK7 and it shows a zero balance. We have continued to keep up with payments even though we are no longer financially tied to the loan. There has been no foreclosure nor any proceedings for a foreclosure since we are current with payments. So, would we qualify for a FHA loan? They have different rules for each Ch.7, Ch. 13, and for a foreclosure, but can't find anything where each co mingles together. Our home loan is a conventional. Any info would be great or just where to look. Especially to see if the BK discharge date has anything to do with our situation.

4 Answers

  • 7 years ago
    Favorite Answer

    You may qualify for USDA.

    Chapter 7 must be discharged for 3 years - exceptions may be granted if borrowers have a 620 or greater middle credit scores.

  • 7 years ago

    Im kinda lost, Why was the home loan discharged if you were current and up to date and more importantly included in the BK I understand the listing of all creditors but to include it in the BK and even more confusing how does your loan show a zero balance,your still paying on it but no longer tied to it???

  • 7 years ago

    You would be surprised. You might qualify.

    All it takes is a call to any bank to get pre-qualified.

    You can search good deals later at different banks.

    Do you have the all mightly down payment? With closing costs and some insurance and taxes upfront? Do you have 2 years solid employment at a steady salary, with tax returns to back it up?

    I've heard of people getting homes 3 years after a chap7.

  • 7 years ago

    you are the 2nd I have read to do this. What you did was very

    moral, and i commend you for it. YOU also have confused a system.

    85% of which is computer based.

    TO see what your status is, I would take a hidden recording device and

    visit a loan OFFICER and ask them.

    IT is very possible they will not know!

    I have never known anyone to do what you did. not in 45 yrs.

    to have 1/2 of a BK will confuse anyone. That is what you

    have, consequentially.

    Keep me attuned!!

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