04-11-2012 06:02 AM
We are awaiting discharge on a 100% payoff C-13, it is completed though.
We are selling our home and want to purchase a new construction in another town closer to job.
I'm finding that some mortgage lenders SAY they will be able to get you a mortgage, but then turn
around and tell you that the rule is 2 years after discharge before they can give you a mortgage.
Yet when I read some blogs, people are indeed getting mortgage loans immediately after discharge.
Our score is almost 800, and we have been current on our mortgage since the beginning of time!!
We only filed, to stop all of the interest on our CC's, and have completed the payoffs...
Is there anyone that can give me some advice on who to use?
We've already had one local company tell us they would, only to then say, well we can't for two years...
04-11-2012 09:55 AM
no 2yr waiting on fha
1 day out is ok.
after 1yr ontime payments while still in ch13 ok with court permission
Chapter 13 Bankruptcy
Conventional loans: For extenuating circumstances time elapsed must be 24 months or greater from either the discharge or dismissal date. For financial mismanagement time elapsed must be 48 months or greater from discharge or dismissal date.
FHA/VA loans: A chapter 13 bankruptcy does not disqualify a borrower, provide the following:
One year of the payout period under the bankruptcy has elapsed and
The borrower’s payment performance has been satisfactory and all required payments have been on time
The borrower must receive written permission from the court to enter into the mortgage transaction.
04-16-2012 05:18 AM
Thanks for your reply DallasLoanGuy~
Every single loan company tells me one year on both conventional and fha... at least
Some are saying 2 years out.
One company suggested that we try an "in house loan" available usually through a credit union.
This blows my mind...~
We've never been late on our mortgage, and it was NOT included in our C-13... yet people who were foreclosed on and declared a C-7, get mortgages
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