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New Member
PoloGuy1031
Posts: 3
Registered: ‎08-23-2012

New FHA Loan - After Chapter 13 Discharge...

The FHA rules require two years (post-discharge) for a Chaper 7 filer to apply for a loan. However, for a Chapter 13 filer one year of on-time payments is required and the court's permission to enter a new loan. So once a Chapter 13 filer has received a discharge (typically 3-5 years after filing) there should be no waiting period. Chapter 7 and Chapter 13 rules are obviously very different and cannot be unilateraly applied to each other, so this seems very ambiguous. Can someone please clarify that no waiting period would apply to a Chapter 13 filer with a discharge?

New Member
jakie
Posts: 18
Registered: ‎08-20-2012

Re: New FHA Loan - After Chapter 13 Discharge...

I think it's 2 years but I'm not 100% sure.

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Senior Contributor
StartingOver10
Posts: 3,824
Registered: ‎03-06-2010

Re: New FHA Loan - After Chapter 13 Discharge...


jakie wrote:

I think it's 2 years but I'm not 100% sure.


No - if you are going for a  conventional loan its two years from discharge for Ch 13.

If you are getting an FHA loan (or VA or USDA), you can get one even during the middle of your Ch 13 as long as one year has elapsed and you have made timely payments. Naturally you need Trustee approval if you are still in your Ch 13.

 

Since you are discharged from your Ch 13, you don't need Trustee approval and you are good to go apply.

New Member
PoloGuy1031
Posts: 3
Registered: ‎08-23-2012

Re: New FHA Loan - After Chapter 13 Discharge...

Thank you for clarifying that! Based on my interpretation I thought once my Chapter 13 discharge is completed in September, I should be good to go in applying for a FHA mortgage with no waiting period...

New Visitor
eamtsm
Posts: 4
Registered: ‎02-27-2013

Re: New FHA Loan - After Chapter 13 Discharge...

This is correct.  Chapter 13 - you need to have 1 year of on-time payments for an FHA loan.  Not sure how long you have to wait after your Chapter 13 is confirmed before you can apply but I believe if you're credit score is good enough and you've made your payments on time you could theoretically apply for an FHA loan 12 months after your case has been confirmed.

Super Contributor
DallasLoanGuy
Posts: 6,097
Registered: ‎07-03-2007

Re: New FHA Loan - After Chapter 13 Discharge...

after ch13 discharge.... no waiting for fha

 




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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: New FHA Loan - After Chapter 13 Discharge...

Incorrect. It depends on lender. I had to wait 2 years from my Ch 13 discharge to go FHA.
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Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: New FHA Loan - After Chapter 13 Discharge...

You also need approval if still in your chapter 13 payment plan
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Super Contributor
DallasLoanGuy
Posts: 6,097
Registered: ‎07-03-2007

Re: New FHA Loan - After Chapter 13 Discharge...


MovingForward_2012 wrote:
Incorrect. It depends on lender. I had to wait 2 years from my Ch 13 discharge to go FHA.

 

you should have found another lender.

 

there are LOTS that follow FHA guidelines.... and do not add their own restrictions.

 

so, actually, i am NOT incorrect.

 

 




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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: New FHA Loan - After Chapter 13 Discharge...

Trust me I did. I also think it depends on the state you are in as well.
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