@tooleman694 wrote:
About 2 years ago we ran into money problems and got behind on our FHA mortgage, we were days from foreclosure and I filed a chapter 13 to get caught up. I sold my home just now and paid off the chapter 13.
What kind of waiting periods am I looking at for both FHA and Conventional.
Fannie Mae requires a 2-year wait after a Ch 13 BK discharge.
With FHA, you can actually be in a Ch 13 BK if there has been at least 1 year of trustee payments... so there is no waiting period after the BK discharge. If it's less than 2 years from discharge though, you will have to provide payment history from the trustee showing all payments were made on time.
As long as FHA didn't take a loss on the mortgage, there should be no additional waiting periods. If FHA took a loss and filed a claim, then it can be a 3-year wait from the time that the claim was filed. A lender can run CAIVRS to check if FHA filed a claim.
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