Posted on: 22nd Jan, 2010 09:54 am
I am in ch 13 and have a waiver from the trustee to purchase a home. My credit score is 671 now and I will be looking for a VA home loan since I am a 100% DAV. Our documented income is about 6400 net per month. I have been in ch 13 since 2007 and surrendered my home in 2007 non va mortgage.. I would be looking for a mortgage for about 200k give or take a few dollars. We have the means for a mortgage but lack down payment...and florida closing costs. Any help would be greatly appreciated.. All income is documented and this would be our primary residence. I have not been alte with anypayments for over 2 years. I have read that a VA mortgage can be given while in ch 13 if no late payments for over 1 year...
>>I have read that a VA mortgage can be given while in ch 13 if no late payments for over 1 year...
What you've read is correct because the VA follows FHA's guidelines. And since you have the Trustee's permission, you're entitled to purchase a home and keep your chapter 13 open with a VA Guaranteed Home Loan. The problem is going to be "Invester Overlays". That means, even though HUD's guidelines enable and allow you to purchase a home, the Investors that buy your loan on the secondary market after its been originated, may not allow it.
So you've got to find a company that doesn't have an overlay, and the ones that usually don't are the ones that "manually" underwrites their FHA loans, and are "VA automatic".
I wish I could be of more assistance, but I'm not current with the VA lenders anymore. I do know of one company that'll do it for you with FHA, American Financial Resources, via their FHA wholesale division. You may want to contact them and ask if they have a VA division too. Their website address is www.afrwholesale dot com.
I wish I could be more helpful.
What you've read is correct because the VA follows FHA's guidelines. And since you have the Trustee's permission, you're entitled to purchase a home and keep your chapter 13 open with a VA Guaranteed Home Loan. The problem is going to be "Invester Overlays". That means, even though HUD's guidelines enable and allow you to purchase a home, the Investors that buy your loan on the secondary market after its been originated, may not allow it.
So you've got to find a company that doesn't have an overlay, and the ones that usually don't are the ones that "manually" underwrites their FHA loans, and are "VA automatic".
I wish I could be of more assistance, but I'm not current with the VA lenders anymore. I do know of one company that'll do it for you with FHA, American Financial Resources, via their FHA wholesale division. You may want to contact them and ask if they have a VA division too. Their website address is www.afrwholesale dot com.
I wish I could be more helpful.
Raymond thank you for the response I now know how to go about looking for a loan and where to look this is a great deal of information I was not able to find on my own once again thanks
