When to begin pre-approval

[gophermn]

I was discharged April 2008 so I am eligible for a FHA and after pulling my credit, looks pretty good. When can I begin the pre-approval process? I would like to try to get pre-approved and spend the next few months looking for a new property and potentially close April 2010 and get the 6500 tax credit.
Thoughts?

[StartingOver08]

Get your pre-approval before you start to look for property. For one thing, your pre-approval needs to be provided along with an offer in order for the offer to be considered ESPECIALLY if you are purchasing REO/bank owned properties.

[gophermn]

Get your pre-approval before you start to look for property. For one thing, your pre-approval needs to be provided along with an offer in order for the offer to be considered ESPECIALLY if you are purchasing REO/bank owned properties.

I agree but when can I begin the pre-approval process? Everyone says you can not apply for a FHA for 2yrs years out of BK, so my question is, do I need to wait on the preapproval after 4/30/2010 or can I apply now and close on the loan end of April 2010.

[Flamingo]

I believe I read on here or elsewhere that it has been changed to 3 years....

[killinstinct]

The 3 year requirement is post-foreclosure (even if house was included in BK). The clock starts once the tile transfer is recorded. It's 2-years if you just have a BK.

[gophermn]

It is 2 years - verified with several - my question is when can I begin pre-approval? Now - or in April 2010.

[Ugh07]

April....FHA Total Scorecard will not approve you until it has been 2 years.

[gophermn]

April....FHA Total Scorecard will not approve you until it has been 2 years.

Thxs all!!