Do we qualify for a mortgage?

[Believe1970]

1. Credit.  Our Middle score is 665 pulled by lender 12/12/2014. Chapter 13 filed 08/2008 dischared 08/2013. No missed payments since filing Chapter 13.
2. Income.  $90,000 combined
3. Source of income.  Employment.  Wife is salary and I get paid hourly.
4. Monthly debt payments.  $1000 Car payments, school loan, personal loan and credit cards? Both under 20% utilization.
5. Employment (for those who are employed).  Both of us are full time. My wife has been at her job fourteen years and me two years(12 years in the same industry).
6. Assets/Reserves.  Rochester, NY
7. Property.  Is it a single family house
8. Value.  Under $150,000
9. Occupancy.  Primary residence.
10. Transaction Type.  Is it a purchase.

[DallasLoanGuy]

Believe,

1.  Looks good from here.  If you give us all of your payments we can calculate debt ratios(dti)

2. ^^^^ Do not contact anyone who solicits business from you here.... Soliciting is a violation of the TOS on this board.  You can contact whomever you want, but for a loan officer to solicit proves that they didn't read the rules of the forum.  There are plenty of other Professionals here who will help you without trying to take you off the board and sell you on their company.

[Believe1970]

Thanks Dallas. $1000 is all our monthly debts combined.

[DallasLoanGuy]

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@Believe1970 wrote:
Thanks Dallas. $1000 is all our monthly debts combined.

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everything looks fine.

apply with confidence

if you dont have a lot of trade lines surviving the bk then you will get downgraded to a 'manual underwrite'(you might still get downgraded regardless of trdelines)....  we all verify ontime rent payments on a manual underwrite.

if you pay a management co then we just check with them. if you rent from a privat individual we will look at cancelled checks.

dont fret a downgrade. it is just a closer examination with tighter debt ratios.  but you are well below dti requirements......

[Anonymous]

Wow. Our apologies! The top of our post got lost in the copy/paste process. Please see below for the top of our post that had been cut off. 

Your Chapter 13 could complicate your transaction heavily since you were discharged a little over a year ago. There are work arounds for this, but depending on your exact situation, it may require court approval. Your best bet is to speak with a loan officer at a financial institution because each lender will be different in terms of how much leniency they are willing to give in this situation.

Hope this helps! Sorry again for the oversight!

As for the accused solicitation, it seems clear that the best way to proceed would be to speak with a qualified mortgage professional, regardless of the company. We simply noted that we were willing to help. Until you speak with a mortgage professional to provide additional details and get a pre-approval letter, the answer to this question will remain relatively ambiguous.

[DallasLoanGuy]

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@Anonymous wrote:

Wow. Our apologies! The top of our post got lost in the copy/paste process. Please see below for the top of our post that had been cut off. 

Your Chapter 13 could complicate your transaction heavily since you were discharged a little over a year ago. FHA guidelines specifically allow a mortgage post bk13... no waiting period. lenders can always add their own stiffer guidelines, but you will find many lenders that will do this deal. There are work arounds for this, no work-around. just straight fha guidelines  but depending on your exact situation, it may require court approval. <= absolute BULL. you are discharged. no longer any of the court's business.   Your best bet is to speak with a loan officer <= good advice at a financial institution because each lender will be different in terms of how much leniency they are willing to give in this situation.

Hope this helps! Sorry again for the oversight!

As for the accused solicitation, it seems clear that the best way to proceed would be to speak with a qualified mortgage professional, regardless of the company. We simply noted that we were willing to help. Until you speak with a mortgage professional to provide additional details and get a pre-approval letter, the answer to this question will remain relatively ambiguous.

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[StartingOver10]

Dallas is right.

Ch 13s can even get a mortgage during the 13 - and that is when you need trustee approval. You do not need it after discharge....stay away from LOs that have no clue what they are doing.