Mortgages from Credit Union

[obhitn3]

I am just over 1 year from my Chapter 13 Discharge and over the rental market.  I would love to get into a house.  Problem is my foreclosures.  I was heavily invested in the real estate market before the crash.  Even though I declared BK, the homes were foreclosed on by the bank.  Does anyone know if the Credit Unions have the ability (or leniency) to overlook the time frame the foreclosure has been out of your name.  I know FHA is 3 years, and depending on the conventional route, I am finding answers from 3- 10 years. I have a great relationship with my Credit Union and have 680-700 scores depending on which one gets pulled.

Thanks

[ShanetheMortgageMan]

Credit unions typically follow regular Fannie Mae/Freddie Mac guidelines.  However there are credit unions out there that make their own lending guidelines and service the loans themselves, those are called "portfolio" loan programs.  Those programs have different guidelines (can be more or less lenient than Fannie Mae).  If you are looking for a program that will allow a shorter period of time after a foreclosure then you will likely need to put more money down and be willing to accept a higher interest rate.

Were all of the mortgages that foreclosed on you included in your Ch 13 BK?  Or were they separate from the BK?  If they were included in BK, then with Fannie Mae financing you'd just need to wait 2 years after the Ch 13 BK discharge.

[obhitn3]

Thanks Shane.  Yes, all properties were included in the Chapter 13.  How do the Banks research that the property has been out of your name for 2 years?  That would be good news as i then have only 8 months since the Ch 13 Discharge.  Ive read that the forclosure has to be out of your name for a vertain term.  Since they were included in the BK, it just goes by 2 years after Discharge?  I ask that because some banks are taking their sweet time and have dragged on the procedings.

Thanks for the help

[ShanetheMortgageMan]

To confirm the date of foreclosure, banks obtain a copy of the foreclosure deed (either from the county clerk-recorder's office, or sometimes they ask you to produce it).

This link will help answer your other questions.