Posted on: 23rd Apr, 2011 09:28 am
we are currently in a chapter 13 bankruptcy which we filed in dec 2009 and it is supposed to run for 3 years. the reason why we are looking at homes now is because we are have enought $ coming in from a settlement and we know that we will have enough cash for a down payment. can we still get qualified even with a chapter 13? or should i switch the ch 13 to a ch7 and then instead of waiting the remaining 2 years only wait 6 months after the ch7 filing?
Hi nmen,
As your bankruptcy filing is not discharged yet, none of the lenders will be ready to give you a loan. After the bankruptcy filing is discharged, you'll have to wait for 1 year in order to get a FHA loan and 2 years to get eligible for a conventional loan.
As your bankruptcy filing is not discharged yet, none of the lenders will be ready to give you a loan. After the bankruptcy filing is discharged, you'll have to wait for 1 year in order to get a FHA loan and 2 years to get eligible for a conventional loan.