I was told I had to wait 4 YEARS to get a loan!

[demismom]

I was just goofing around online and filled out the information for ditech.com, out of curiousity. Anyway, a guy called me back and said that a Fannie Mae or Freddie Mac backed loan now requires a 4 year wait after Bankruptcy.

I called our local bank (whom I had talked with a year ago) and he said that could be the case, but they don't do government loans, so he didn't know. He DID say that we could come talk to him in October of this year for a loan through his bank, that they only required 2 years.

Does anyone know if this is true?

[justbroke]

If you want one sooner, you need to look at FHA. Your banker was probably referring to an FHA-backed loan. FHA requires 2 years out of bankruptcy or 3 years since your foreclosure... and a good recent credit history.

[demismom]

He specifically said that the government backed loan rules have changed from 2 years to 4 years - I was wondering does anyone know if that is true or not?

[justbroke]

He specifically said that the government backed loan rules have changed from 2 years to 4 years - I was wondering does anyone know if that is true or not?

I haven't heard such for FHA-backed loans. Unless it was in the last 4 weeks... I haven't heard such. But I also don't have the FHA Handbook which was recently published.

If you're interesting in FHA-backed loans, then seek out an approved FHA lender.

[demismom]

I don't believe the house qualifies for an FHA loan - we would, but the house wouldn't.

[kcsmom76]

I called around to local banks for a refi and one said 2 years after discharge and the other said 3 years. So they may be right.