My husband and I filed BK May 2009 and was discharged Sept 2009 and Closed Oct. 2009. It will be 2 years in may since filing and were looking at getting a USDA loan. He will be the one applying since I have no income as im a stay at home mom. He has a steady income from his employer and has re-established a good credit history from a car loan we have gotten and a small balance on a credit card all have been paid on time since we have had them. I heard you have to wait 2-3 years before they will approve you but i read of someone on here getting one after 7 months? We would like to try and would it be helpful to send a letter explaining us filing bankruptcy?? Anyone get a loan sooner then what they say?
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I forgot we looked at creditkarma at his vantage score and it was 685. Otherwise it shows his credit as 635. -
ka2sie, I believe the clock starts from discharge, not filing date. In terms of something less than the 2 year time period, it's generally only going to be waived for extenuating circumstances, like severe illness or disability, not for losing a job or taking a pay cut.
Aside from that, I wouldn't be in a hot hurry to purchase again. I believe that we will see a further drop in housing prices before we start to see steady growth again. So you have plenty of time before you risk "missing the market." Good luckCase Closed > 2/08/2010Comment
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