Posted on: 05th Dec, 2012 10:45 pm
i found this information that 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. so is it possible to get a mortgage one year into your payment plan or is there a little more to this?
Hi vinnie,
You can qualify for a FHA loan after 1 year of your Chapter 13 bankruptcy discharge. Before that none of the lenders will be ready to offer you a loan. Also, you will have to improve your scores before you apply for a loan.
You can qualify for a FHA loan after 1 year of your Chapter 13 bankruptcy discharge. Before that none of the lenders will be ready to offer you a loan. Also, you will have to improve your scores before you apply for a loan.
Welcome vinnie.
You can check out the credit repair tool in order to know better in this regard: http://www.mortgagefit.com/calculators/credit-repair.html .
You can check out the credit repair tool in order to know better in this regard: http://www.mortgagefit.com/calculators/credit-repair.html .