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Guest

Funny how many people don't even know the rules of the agencies they work with.
As stated on the FHA site itself, the 2-year waiting period applies to Chapter 7 bankruptcy discharges. If your Chapter 13 has been discharged, they'll loan the next day, and will guarantee loans as soon as after a single year of on-time payments to the bankruptcy plan (with trustee/court approval).

Guest

I am confused, I just spoke with a large mortgage Co and she stated that I could get a FHA refianance next month when my chapter 13 discharge is a yr old? Is there an exception to cut the wait time down for 13 comparitive to 7 because of the three yrs of payments instead of just walking away ?

Guest

We assume that means she is right that with our 690 FICO that the lower FHA 15yr fixed will be an option at 1yr not 2 which means a better rate to pay down quicker .

gmakerley · Posted: Sat Feb 21, 2009 11:22 am Post subject:

yes, jon, you should be able to obtain financing next month...i agree with what you were told.

Guest

Hi all, have read most of the posts on FHA and Chapter 13. I have done some digging, and on a Chapter 13 it says as long as you have 1 year of on time payments on your plan, you can qualify for an FHA as long as the trustee says it is okay. I filed Chapter 13 5 years ago, paid it off, got a discharge and made my payments on time everytime. I am now trying for an FHA loan...... My current debt to income ratio is around 23% with an average household annual income of 120,000. What do you think my chances are? We have made all payments on time for our current car payments, etc.... No lates at all. All replies would be appreciated.

gmakerley · Posted: Wed Mar 18, 2009 11:41 am Post subject:

with good income, good ratios and good credit in the last 5 years, i don't know why you'd have any troubles, lake.

there are underwriters who have an aversion to bankruptcy, and you can't predict who they work for; but what you can arm yourself with right now is an explanation letter for the bankruptcy, reiterating all that you've just stated, along with the reasons for the bankruptcy and your success in making that work.
go for it.

Jessica · Posted: Sun Mar 22, 2009 9:36 am Post subject:

Hi Lake,

Guest

my question is how do i get a better credit score. i'm in a charpter 13 and i want to get a house under obama's plan what can i do? how about a discharge would this increase my credit score. HELP! up front i want to say thank you. (21/2 yrs in chap13, making regular payments to the trustee

savior70 · Posted: Mon May 18, 2009 6:45 am Post subject:

Hi

Since you have filed a bankruptcy your credit will take a hit. But under the chapter 1 plan if you keep making the payments on time, your credit score is bound to improve. Just make sure you are current on your payments and bills. You should not make any big purchase or a new loan as it can affect your credit and DTI ratio. Usually, lenders would like you to wait at least 2-3 years after the bankruptcy discharge before you apply for a loan. If you make regular payments under chapter 13 plan, the lenders may offer you a loan. But your credit score has to be good for that.

Guest

MADE CURRENT HOUSE PAYMENT ON TIME AND CHAPTER 13 PAYMENTS ON TIME UNTIL COMPLETED. SPOUSE AND MYSELF MAKE 92K YEARLY. CARS PAID OFF. DISCARGED FROM CHAPTER 13 3 MONTHS. WILL WE BE ABLE TO GET LOAN TO BUILD HOME . NO OUTSTANDING DEBT OR LATE PAYMENTS T

sara · Posted: Wed Sep 29, 2010 3:00 am Post subject:

Hi ETTA,

You won't be able to get a mortgage 3 months after your chapter 13 bankruptcy discharge. You'll have to wait for 1 year in order to qualify for a FHA loan and 2 years after the discharge for a conventional loan.

Take care.

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FHA loan after Chapter 13 dismissal