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    When to begin process

    We are just over 1 year post-discharge. We met with 2 lenders right around the 1-year mark, just to make sure we're on track and get an idea of who we want to work with and when we need to find a realtor, etc.

    In both meetings we disclosed right away that we were 1 year post-bk ch 7, that we were aware of the 2 year FHA rules, etc.

    While we know we don't need to do anything right this minute, we did get conflicting info from the lenders. The first one told us we should start house hunting in December (21 months post-discharge) and he put a note in his system to contact us in November to re-group. He ran our credit reports, told us we're doing everything right, and to keep paying things on time.

    The 2nd lender said she couldn't do anything until 24 months after our discharge date. So, essentially we'd need to meet with her at the 24 month mark, and not begin looking for a house until after that. She didn't run our credit or really ask us any questions about it. The only thing she did was do a calculation of what we could afford based upon our salaries and current obligations. She also mentioned several times something about there being a chance the FHA rules would change between now and next spring and we'd end up not being able to do it. Anyone else heard this?

    So - anyone else buy right when the 2 years were up? When did you begin looking for a house?

    A little background on why we're in kind of a hurry -

    The house we are renting is listed as a short sale but there have only been 2 showings in over 2 months it has been on the market. We are waiting for the day we come home to the notice posted on the door (foreclosure), but have been told by local real estate agents that when that day comes we can count on at least 12 months. Obviously if the landlord is able to sell we could have as little as 30 days, and we have 2 young children.

    The market here is very much in our favor. No one is buying. We are a dual-income family, we both have long-term, verifiable employment. There are some sellers around willing to do a land contract, but those are typically very favorable for the seller and I don't think we want to get stuck in something when we have less than a year to wait to more than likely find a good deal.
    Filed pro se (ch 7, no asset) 10/27/09
    341 12/14/09
    Discharged 03/29/10

    #2
    FHA backs the loans, but it's really up to the lender to decide if they're going to lend to you.

    If you meet the FHA minimum guidelines, you only need someone willing to work with you. Sounds like you have that in the first guy. I would follow his advice and plan to work with him. Was he a decision-maker, or a first line processor? I would allow myself differing measures of hope dependent upon that answer.

    FHA changes their underwriting guidelines from time to time, but there is nothing published that I could find (and I looked) about lengthening the time from a bankruptcy.
    There are two secrets for success in life:
    1.) Never tell everything you know.

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