Selling Home Post Chapter 7 and FHA

[Ann]

All,
I'm still getting conflicting info on this so here is my question as clear as I can ask it. Am I able to obtain an FHA loan IF I am just shy of 3 years chapter 7 discharge and I sell my home (that was never reaffirmed) and use those proceeds as a down payment??? Or must I wait 3 years AFTER I sell my home the traditional way without a foreclosure or short sale? I was actually told I could not get an FHA loan until I sell my home and 3 years have passed. Please will someone tell me what is the actual truth? I knew there was a 3 year rule but I thought it pertained to foreclosures not traditional sales of homes. I was told I would be turned down for a loan because I did not reaffirm my current mortgage and that is treated just like a foreclosure the way FHA sees it. Please anyone?

[despritfreya]

I saw your post at loansafe. In my opinion, you simply need to look for a better and more informed lender - shop the market.

Right off the FHA web site:

CHAPTER 13 BANKRUPTCY
FHA will consider appoving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee's written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability.

CHAPTER 7 BANKRUPTCY
At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job.


FORECLOSURE
FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower's main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another.

For more info go to:

http://www.fha.com/fha_requirements_credit

Des.

[Ann]

Thanks Des!!!! I appreciate your input and taking the time to post for me!!!