2 years from when can I get another mortgage? the file date?
or the discharge? My house payments are current it is not a foreclosure.
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Discharged- pro se- chapter 7~! -
Everything I have read says two years from discharge for an FHA (or VA, USDA, basically government backed), but there are few and far success stories out there supporting that. I have also read three years for a conventional mortgage, but expect to need a very large down payment. There are some success stories floating around though! I personally am hoping to begin the process at the two-year mark. We're situating ourselves as we speak with re-building credit and saving money. -
This would be a PHFA mortgage- as I am currently with them.Discharged- pro se- chapter 7~!Comment
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Ooh I am in PA too and hadn't considered a PHFA mortgage. This is what it says on their website:Originally posted by anykey View Post
"Bankruptcies need to be fully discharged for at least two years. The counseling agency and/or lender can help you decide if you would be eligible for a PHFA home loan."
So two years seems standard as long as no foreclosure/short sale/default. Glad I came across this thread as I might consider PHFA. Also, fwiw, I talked to a mortgage consultant who said lenders are more likely to approve you for a new mortgage before you sell your current property if you have at least 25% equity in the current mortgage. You must be able to qualify for both mortgage payments, though. I haven't tried that yet or anything, but it is what I was told.Comment
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