Hello, all. Here's the short version of a long (but familiar) story:
* Husband self-employed home remodeling contractor for over 20 years
* His business went majorly south w/ the housing crisis -- grossed $260K in 2008; fellto $110K in 2009 Also contracted Lymes in fall 2009; unable to work several months.
* We couldn't keep up w/ a small business loan, van payment, and credit cards
* Closed business and Filed BK Chap 7 in March 2010 -- discharged May 2010
* Kept house and one car
* Husband has since been unemployed = no money whatsoever; however, has worked extensively on our house and the homes of our two married children who purchased homes in the last year.
* We owe 65K on a home assessed at 160; on market now for $145K
* We are contracted to purchase home for 230K
* Recently inherited 75K from husband's mom
* I earn 85K and am applying for mortgage in my name only
* Despite bankruptcy, credit scores are in the 650-665 range
* I am applying for FHA loan under the "extenuating circumstances" clause -- submitted all documents w/ letter of explanation
* We are willing to consider rent w/ option to buy or just straight rent if our current home remains on the market
* FHA application has been in the underwriting phase at Wells Fargo one week -- broker says we should hear "soon" :?
>>> How long is it reasonable to wait for answer before I go elsewhere?
>>> What are other (safe) options for a mortgage in the event I get a "No"?
>>>Am I nuts?