02-19-2013 07:10 PM
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.
02-24-2013 03:45 PM
02-27-2013 07:35 PM
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).
02-28-2013 05:28 PM
03-19-2013 06:44 PM
04-19-2013 08:09 AM
04-19-2013 09:06 AM
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.
04-19-2013 09:12 AM
04-19-2013 09:18 AM
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.
04-19-2013 10:19 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.