Cosigner and FHA

[nc73]

The FHA guidelines aren't that clear and only mentions that you can get a cosigner to help if your income isn't sufficient. Well I wanted to know if you haven't been out of BK for 2 years, would it be possible to bring in a cosigner and make that requirement go away? If all else fails I could wait the two years but I'd rather get a place while the interest rates are relatively low.

[dspii]

I don't think so, guidelines say 2 years after BK but you never know, maybe someone else can chime in with a different experience.

[nc73]

I don't think so, guidelines say 2 years after BK but you never know, maybe someone else can chime in with a different experience.

I found a few sites on the net that suggested otherwise but you may be right..

[nc73]

So an fha mortgage specialist called me today and said it is possible to get a loan before the two year is up. Cosigner can't help me of course...Although I needed 640 middle score. I didn't know it went up that high... In any case he said it wasn't guaranteed, he'd have to plug the numbers in and see. If only my score was that high.

[sofarsogood2]

Could you please PM me with the specialist's name and contact info? I've been calling many "FHA specialists" and all have stated that it must be 2 years. Our scores are high enough and we even have a decent down payment and 28 years employment with current employer, but can't get past the 2 year thing.
Thank you!

[HHM]

That "FHA specialist" sounds like they are trolling for business.

There essentially is no getting passed the 2 year thing. Bottom line, you NEED special circumstances to get an FHA loan after BK prior to the 2 year deadline. Your BK must have some sort of drastic cause (think crippling car accident), otherwise, it's 2 years using FHA.

[octoblonde]

HHM,

I'm so glad you're on this forum. I love reading your posts....so very informative. Just out of curiosity, would health issues that caused someone to be on SSDI be considered special circumstances? I currently have an FHA mortgage now and am planning on staying here, at least for another year or so. Thanks!

[nc73]

That "FHA specialist" sounds like they are trolling for business.

There essentially is no getting passed the 2 year thing. Bottom line, you NEED special circumstances to get an FHA loan after BK prior to the 2 year deadline. Your BK must have some sort of drastic cause (think crippling car accident), otherwise, it's 2 years using FHA.

You probably are right about that. By the time my score goes up that high it will be past 2 years so kind of pointless really. My score hasn't changed in 3 months. Weird..

[nc73]

Could you please PM me with the specialist's name and contact info? I've been calling many "FHA specialists" and all have stated that it must be 2 years. Our scores are high enough and we even have a decent down payment and 28 years employment with current employer, but can't get past the 2 year thing.
Thank you!

I don't think he does FL...