+1 vote
I am looking to see what loans I could qualify for to purchase a home.  I am 1 1/2 years post -discharge for a Chapter 13. We had a child die causing us to be out of work & eventually my husband having a complete breakdown & being out of work for 2 years.  We filed in July of 2011 & were discharged in August of 2016.  All Chapter 13 payments were on time.  We have a 3 1/2 year   On time rental home history following the sale of our previous home.  We were not involved in a foreclosure.  Our home sold & home loan was paid in full.  Profits were paid to Chapter 13 trustee toward the debits included in the Chapter 13.  
I have been at my current job for 4 years 8 months.  My husband has now been working again for almost 4 years.  Combined income is $190 K & both have credit scores of about 700.  Looking for a home in the $250,000 - $300,000 range. We could pay $16,000 down.
asked Feb 10, 2018 in General Financing by anonymous

1 Answer

0 votes
You will definitely qualify for FHA LOAN. There is no waiting period after CHAPTER 13 BANKRUPTCY discharged date under HUD GUIDELINES.  Over 30% of our business are borrowers during and after Chapter 13 Bankruptcy. It needs to be a manual underwrite. Rates are the same as automated underwriting system approval. You should have no problem getting approved. Most lender require a 2 year waiting period after CHAPTER 13 BANKRUPTCY discharged date.  However, that is a FHA LENDER OVERLAY and NOT FHA GUIDELINES.  

Gustan Cho NMLS 873293
Branch Manager
USA MORTGAGE
A Division of DAS ACQUISITION COMPANY NMLS 227262
The Gustan Cho Team at USA MORTGAGE
www.gustancho.com
answered Feb 10, 2018 by GustanCho (106,540 points)

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