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frank lewis
10 months ago
lender is requiring the balance due of Chapter 13 filing to be paid before loan approval and providing w/funds offered in mailer. Is this an FHA requirement or just the lender's policy?
 
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Joe Wallace
10 months ago
FHA loan rules in HUD 4000.1, page 247 state: "A Chapter 13 bankruptcy does not disqualify a Borrower from obtaining an FHA- insured Mortgage, if at the time of case number assignment at least 12 months of the pay-out period under the bankruptcy has elapsed."

"The Mortgagee must determine that during this time, the Borrower’s payment performance has been satisfactory and all required payments have been made on time; and the Borrower has received written permission from bankruptcy court to enter into the mortgage transaction."
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