08-23-2012 03:03 PM
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?
08-24-2012 05:02 AM
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.
08-25-2012 10:05 AM
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...
02-27-2013 08:13 PM
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.
02-27-2013 08:25 PM
after ch13 discharge.... no waiting for fha
02-27-2013 11:09 PM
02-28-2013 07:58 AM
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.
02-28-2013 08:00 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.