Successful FHA Loan Exceptions

[JaysonFL]

Alright, here's my story. I'll try to make it quick.

Own 5 homes(Reaffirmed 1), Taxes up, Market crashed, Filed Chapter 7 BK 2008, discharged 09/12/2008.

I am about to hit the magical 2 year chapter 7 out of discharge date. Did some research, called 1000+ banks, credit unions, FHA Resource desk, Read FHA handbook, and spoke with a bunch of mortgage brokers.

Got a bunch of different answers but due to the fact that no one has successfully obtain a FHA loan 2 year out of bk because of the subsequent foreclosure that took place, I am relegated to the fact that I am screwed till BOA decides to stop screwing with me and change the title back to their names. Then I'll have to wait 3 years from the time of the sales date. In 3 years, it would've been 6 years since I file chapter 7.

Here's my question, has anyone successfully obtain a FHA loan with an exception? In my situation, me and my wife went thru a painful period due to the loss of our infant son. The issue is that she didn't get professional help to treat her depression till 6 months before filing for bankruptcy, which was 2 years after our son passed away.

We are really in a better financial and mental state now and we are looking to purchase another home. We re-affirmed one of the homes (Conventional). Our credit is decent (All over 640), our household income is over $140k/yr.

Has anyone ever been able to successfully obtain a FHA loan exception or an FHA loan 2 years out of BK?

[sworks2]

I was under the impression a FHA loan was only good for your primary residence? Meaning if you already have 1 home you would need conventional financing for a investment home.

[JaysonFL]

I have a conventional home now. That will become an investment home. My new home and the loan that I am trying to obtain will be a primary and hopefully an FHA.

[tcreegan]

FHA tightened up

Hi Jayson,

Good luck with the FHA search, they have recently tightened up their lending guidelines, I think BK's are now 3 yrs out. Their website went so far as "if you are a borrower with excellent credit, you can probably get a better deal with a conventional lender" Doesn't sound promising......

And if you find a way to speed up a foreclosure please post it !! I have been asking and no one seems to have an answer....

Tom in Colo

[JaysonFL]

I have heard that you can do a deed-in-lieu but it's really up to your lender. BOA and some of the bigger banks won't spped up things for you. It makes their balance sheets look bad. It's known as shadow inventory. There is no incentive for them once you have included you house in a bankruptcy.