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A Curious User
2 years ago
My husband and I got overloaded on debt and had to file Chapter 13 bankruptcy. What do the FHA guidelines say about our ability to get this kind of mortgage to buy a home?
 
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Joe Wallace
2 years ago
You must wait at least one year. Chapter 13 bankruptcy does not disqualify you from getting an FHA mortgage, but the lender will have to document that at leaast one year has elapsed during which you hav emade satisfactory payments. You will also need to get permission from your bankruptcy trustee to enter into a new loan.
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Dean Bolton
2 years ago
As of January 2016, not sure if it was different before this... FHA requires you to wait 2 years after the discharge date of your Chapter 13 (not the filing date, the discharge date). So, if you filed your BK in 2010, for example, and you were set in a 5 year plan, its 7 years total before you can qualify for an FHA loan. Someone here stated that FHA loans will allow you to apply after 12 months of on-time payments, and that is incorrect for Chapter 13 Bankruptcies.
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chrissy gidley
2 years ago
I recently spoke to a broker and he said that you can apply and get approved for a FHA loan while you are in the payoff period of your chapter 13. So say I file Bankruptcy tomorrow and decide in January next year that I want to buy a house, at that time I could get approved. Now say I do a 3 year payoff.. When the three years is up and all my debt is paid, and it is discharged, I then have to wait 2 years before I would be able to try to attempt to get an FHA mortgage. So you can apply for FHA during your "payoff period"...Once you are finished, and it is discharged with the court, You then have to wait two years.
Debra Hardesty
2 years ago
Per the stipulations on this site: "Chapter 13 Bankruptcy FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee's written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability."
Category Expert
michael46111 .
2 years ago
You qualify 12 months after your final chapter 13 payment has been made and you receive a discharge by the court.
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Stan Croydon
2 years ago
We had a Chapter 7 bankruptcy not quite 3 years ago but were able to keep our home and still had a 1st mortgage payment of $2,200 and a 2nd of $120. But 3 months ago I neglected to make the second mortgage at the 1st of month and when I realized I hadn't I quickly sent it in but it was then 2 weeks late!

Now we're looking into refinancing and have discovered FHA rules say anyone who has declared bankruptcy has to have 12 straight months of on-time payments in order to do that.

So now everyone is telling us they can't help us for 10 months and until we have the 12 consecutive on-time payments.

Does anyone know if there can ever be any exceptions to the 12 month rule and if it can it be waived? It may sound crazy but I can provide a "doctor's excuse" to explain why I forgot about the payment.
Comments:
Corey Vandenberg
17 days ago
If you are in Indiana or Florida, I would be happy to consult. There are non-FHA loans that allow for this, but FHA is considered “easier.”
Category Expert
Mike Salter
2 years ago
I had a foreclosure on my townhouse during medical school in 2012 but the final sale date was not until June 2013. Do I have to wait unti June to get a loan or can I go ahead and apply now? Thanks
Category Expert
Louella Beyer
2 years ago
Does FHA approve anyone who is 66yr.old ,and on social security?
Comments:
Corey Vandenberg
17 days ago
Yes, age discrimination and government assistance discrimination is not allowed, besides at least we can count on social security being there, right? Happy to consult in Indiana or Florida: www.phmc.com/coreyvandenberg
Category Expert
Sunjee 76
a year ago
I filed ch7 2013, when can I apply for a FHA loan? How much can I qualify for? Thank you for your help!
Category Expert
Betty Bush
a year ago
I had a Chapter 7 Bankruptcy that will be 2 years Oct 2016. My credit scores now range from 663 to 697. I'm trying to buy a foreclosed home priced at $52000. I am on social security with an income of $1500/month. Is there any possibility of getting a loan ? What about a co-signer?
Comments:
Corey Vandenberg
17 days ago
What you have said sounds good, depending on your down payment, re-established credit, and probably no co-signer needed! :) I would be happy to take a look at: http://www.phmc.com/coreyvandenberg
Category Expert
fred hawkins
a year ago
how can I get an answer and not an opinion on how log I must wait to get a fannie mae owned property after bankruptcy? [email protected]
Comments:
J Johnson
a year ago
Two years after chapter 7 discharged date and back to work will allow one year was because of job loss and special requirements . Chapter 13 you apply after 12 months of filing with court permission and the rest bof requirements including credit score and no waiting period after discharge.(you are rewarded for paying backing debt)
N Romero
a year ago
so if the reason behind the filing was due to job loss then I only have to wait one year from discharge to get an FHA loan?
Category Expert
M. Whitby
a year ago
discharge was April 2015 chapter 7 can I apply for a VA loan now
Category Expert
sheri dyson
a year ago
I filed chapter 7 in 2014. I kept my home, but did not sign an affirmation agreement. The mortgage company reported to the credit bureaus that I filed bankruptcy on it. I was told I could walk away from the house and not be liable, I have a silent second on the house also, if I had to could I walk away from that also. Two different mortgage companies
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