Posted on: 28th Sep, 2010 10:12 am
Hey guys I am new here and have seen some old topics about this but wanted to see what you thought of my specific situation.
We are out of Chapter 13 1 year and 8 months. and trying to get FHA Loan.
I thought it was a 2 year wait from discharge but found out recently it is only 1 year from filing if all your payments are on time and you had court trustee approval. Our bankruptcy payments were all on time and we discharged 3 months early of the 3 year time frame.
We have a current mortgage that we have never been late on for 8 years. Mortgage and 2 car loans weren't part of bankruptcy and were paid on time. One is paid off other has about a year left.
We are trying to get a loan and keep other mortgage until house sells.
This comes out to about 21% of gross income counting both mortgage payments and our astronomical local taxes.
Our broker is a friend and she seems to think we need to wait an year. She is trying to get a manual underwrite But didn't seem optimistic.
Mortgage #1 was $950/month and the new house should be around $1800. We also have someone lined up to rent our house ASAP if we get the loan. Would providing a signed lease to potential lenders help my case? I have been at same job more than 5 years with regular nice raises, same industry for more than 10 years. Only knock on me is my bad credit more than 10 years ago and no debt now.
Our credit scores are
me 667/678/598 and wife 656/685/603
We are out of Chapter 13 1 year and 8 months. and trying to get FHA Loan.
I thought it was a 2 year wait from discharge but found out recently it is only 1 year from filing if all your payments are on time and you had court trustee approval. Our bankruptcy payments were all on time and we discharged 3 months early of the 3 year time frame.
We have a current mortgage that we have never been late on for 8 years. Mortgage and 2 car loans weren't part of bankruptcy and were paid on time. One is paid off other has about a year left.
We are trying to get a loan and keep other mortgage until house sells.
This comes out to about 21% of gross income counting both mortgage payments and our astronomical local taxes.
Our broker is a friend and she seems to think we need to wait an year. She is trying to get a manual underwrite But didn't seem optimistic.
Mortgage #1 was $950/month and the new house should be around $1800. We also have someone lined up to rent our house ASAP if we get the loan. Would providing a signed lease to potential lenders help my case? I have been at same job more than 5 years with regular nice raises, same industry for more than 10 years. Only knock on me is my bad credit more than 10 years ago and no debt now.
Our credit scores are
me 667/678/598 and wife 656/685/603
Hi christhompson,
Your query has been replied in the given page:
http://www.mortgagefit.com/loantalk/qualifyfha-ch13.html
Take a look at it. Hope it helps you.
Thanks
Your query has been replied in the given page:
http://www.mortgagefit.com/loantalk/qualifyfha-ch13.html
Take a look at it. Hope it helps you.
Thanks