CH 13 BK and FHA

[cegpn]

I just spoke to a rep at Quicken Loans who informed me that our CH 13 needed to be discharged for over a year before we could apply for FHA. This is contrary to everything that I have read that says it has to be a year our from the date of filing with perfect payment history & permission from the court. Has something changed recently? Ours will be discharged in 3/14 and we would like to move shortly thereafter but he said there was no way it could happen.

[StartingOver10]

Although HUD sets minimum guidelines for an FHA loan, each individual lender can increase the requirements for the loan.

Quicken is not known to do loans with difficult criteria at all (or even a little bit difficult). They have a different type of business model.

You would be better off going with a correspondent lender/mortgage banker that does their own underwriting and funds their own loans. There are plenty of lenders that will do an FHA loan during a Ch 13.

[cegpn]

Thanks so much for the info. I only contacted them bc I got a "prequalified" offer via Quizzle. I know that doesn't mean anything, but I just wanted to see what else we need to do to get our mortgage this spring! That scared me a little!

[StartingOver10]

Those offers through Quizzle and other sites like them are lead generators for mortgage brokers.

You are better off getting a good referral from a reliable source (friends/family/Realtor) rather than through those sites....