Posted on: 07th Mar, 2010 09:02 pm
I am really confused at what I have been finding when I research my situation.. Can some one please set the story straight and if there is anyone who can assist- please let me know.
I filed a Chapter 13 in Dec 2003. (took Bad advice from an attorney) It was discharged in 2008 (final date may be early 2009). I have paid close to $1000 each month for 5 years. Not missing a payment.
Now I am trying to get a mortgage and have been told I have to wait 2 years after the discharge date. I have seen in multiple locations where with a 13 that you can get a loan During the 13 after 12 months into the repayment schedule. I am finished paying over 60months and now I am getting the "Come back after 2 more years". Are Loan officers uneducated - as she kept quoting facts that deal with a chapter 7.
Whats the deal- and is there a way to get a mortgage? My current DTI is only 9%!! What gives... PLEASE HELP!!
I filed a Chapter 13 in Dec 2003. (took Bad advice from an attorney) It was discharged in 2008 (final date may be early 2009). I have paid close to $1000 each month for 5 years. Not missing a payment.
Now I am trying to get a mortgage and have been told I have to wait 2 years after the discharge date. I have seen in multiple locations where with a 13 that you can get a loan During the 13 after 12 months into the repayment schedule. I am finished paying over 60months and now I am getting the "Come back after 2 more years". Are Loan officers uneducated - as she kept quoting facts that deal with a chapter 7.
Whats the deal- and is there a way to get a mortgage? My current DTI is only 9%!! What gives... PLEASE HELP!!
You're right and your loan officer is wrong unless she is thinking/looking at conventional guidelines.
For a chapter 13 bk, FHA will look at the file date and go from there.
Here are some additional guidelines.
1) You must have a clean payment history with the trustee
2) You must have re-established your credit
3) You'll need a mid score of 620 or higher.
I hope this helps.
John Burke
Mortgage Banker
Champion Bank
For a chapter 13 bk, FHA will look at the file date and go from there.
Here are some additional guidelines.
1) You must have a clean payment history with the trustee
2) You must have re-established your credit
3) You'll need a mid score of 620 or higher.
I hope this helps.
John Burke
Mortgage Banker
Champion Bank