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JBJ
New Member
Posts: 2
Registered: ‎02-19-2013
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Chapter 13 BK Discharge

I made my last payment for my bk13 in February. Should be discharged shortly. I'm curious if anyone out there has had experience in buying a new home within a year of being discharged with a new spouse with perfect credit!  My current FICO score is 655 and I have a current mortgage I pay on time religiously that we use as a rental, but I'm not sure once I'm discharged how quickly I can bump my credit score. Any advice, past experience is much appreciated. 

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Chapter 13 BK Discharge

You will need to wait 2 years after discharge for FHA, VA, and NACA programs. Your score is good but there is a 2 year waiting period.
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New Visitor
Posts: 4
Registered: ‎02-27-2013
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Re: Chapter 13 BK Discharge

This is wrong.  You can buy a home using an FHA mortgage as long as it has been 2 years from the time that your Chapter 13 is confirmed.  If you haven't paid off your balance, then you will need to approval from the Trustee (which is a little sketchy in my opinion because they can re-open your case if by chance your salary has increaded significantly over this time period). 

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Chapter 13 BK Discharge

It depends on the state you live in and lender overlay requirements. I was flat out denied when my file was sent to underwriting 1.5 years after BK 13 discharge. Your statement is like saying if you have a 580 credit score, you can get approved for an FHA loan. Ya, that is what the FHA says but you will have a difficult time actually finding a lender that will do it.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Contributor
Posts: 85
Registered: ‎09-26-2012
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Re: Chapter 13 BK Discharge

Hello, It does depend on the lender that you are going to purchase through. I spoke with my lender and I'm doing a VA loan once my Ch 13 discharges since with them there isnt a waiting period. My last payment was due in Jul, but I decided to make my final payment this month by paying the last few months at once. Check around where you are located before giving up and automatically waiting. Good Luck
Goal Score: 700 Across the Board











Regular Contributor
Posts: 146
Registered: ‎02-06-2009
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Re: Chapter 13 BK Discharge

Mzware - who is your lender?
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Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 :smileyhappy:
Current Score: TU 706 EQ FICO 701 EX 704
Goal Score: 720

New Member
Posts: 7
Registered: ‎04-18-2013
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Re: Chapter 13 BK Discharge

I purchased my home while in Chapter 13 with the approval of the trustee.  You need a minimum score of 620 to get an FHA.  Your spouse with perfect credit will help with the interest and getting through under writing.  If you are already discharged than the trustee will be a non-issue.  You will have to write a letter explaining why you filed Chapter 13.  I  can speak on this from real life experience, took a bit to get my loan through under writing but was totally worth it. 

 

Good luck

Regular Contributor
Posts: 146
Registered: ‎02-06-2009
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Re: Chapter 13 BK Discharge

I am discharged and my scores are current in my siggy. I just cannot seem to find a lender that doesn't require the two year wait after discharge. Who is your lender?
NFCU Cash Rewards $14,000/FNBO Platinum $5,700/Best Buy Citibank $2,500/Care Credit $7,600/TJ Maxx $600/Neiman Marcus $7000/Saks5thAve $2500

Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 :smileyhappy:
Current Score: TU 706 EQ FICO 701 EX 704
Goal Score: 720

New Member
Posts: 7
Registered: ‎04-18-2013
0

Re: Chapter 13 BK Discharge

My lender was through Pulte Mortgage, which is backed by WellsFargo.  Pulte also owns the property development that I built my house in.  I'm not saying it didn't take a good bit to get it to go through, if being a homeowner is something the OP really wants, work hard,be honest with the lender and it can work out. 

Regular Contributor
Posts: 146
Registered: ‎02-06-2009
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Re: Chapter 13 BK Discharge

Yeah, I can't do WF. Included them in my BK. I wouldn't if I could though (personal experience). Thanks anyway.
NFCU Cash Rewards $14,000/FNBO Platinum $5,700/Best Buy Citibank $2,500/Care Credit $7,600/TJ Maxx $600/Neiman Marcus $7000/Saks5thAve $2500

Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 :smileyhappy:
Current Score: TU 706 EQ FICO 701 EX 704
Goal Score: 720

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