topic Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy in Mortgage Loans

Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Tue, 20 Jun 2017 19:24:47 GMT

Does anyone know of lenders who will do a mortgage loan after chapter 13 bankruptcy?

Thanks!

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Tue, 20 Jun 2017 21:05:31 GMT

I believe there are a lot of them. Search your particular area, or if you have a realtor they could help.

I just closed on my house and I was approved just past a year of discharge of my 13. I waited because I wanted to bring my score up to get the better rates, save a bit more money etc. I actually was going to wait 2 years, but bit the bullet early.

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Tue, 20 Jun 2017 21:11:52 GMT

Thank you! Definitely will do that! Been searching locally might need to expand some.

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Wed, 12 Jul 2017 17:47:05 GMT

@Anonymous wrote:
I believe there are a lot of them. Search your particular area, or if you have a realtor they could help.

I just closed on my house and I was approved just past a year of discharge of my 13. I waited because I wanted to bring my score up to get the better rates, save a bit more money etc. I actually was going to wait 2 years, but bit the bullet early.

So you don't have to wait 2 years? Is this 2 year rule because it takes most people that long to build up their score?

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Wed, 12 Jul 2017 19:22:15 GMT

For conventional, yes, 2 years. FHA, nope.

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Thu, 13 Jul 2017 01:38:55 GMT

@Anonymous wrote:
For conventional, yes, 2 years. FHA, nope.

Even if I can put 20% down? I just don't want to wait 2 years for a conventional loan.

Can I still do a FHA loan with 20% down and not pay any points?

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Thu, 13 Jul 2017 12:45:45 GMT

@Anonymous wrote:
@Anonymous wrote:
For conventional, yes, 2 years. FHA, nope.
Even if I can put 20% down? I just don't want to wait 2 years for a conventional loan.

Can I still do a FHA loan with 20% down and not pay any points?

No. Conv is 2 years regardless. You can do FHA then refi to conventional later. Thats my plan, but I will wait until I can have 20% equity in the house at that time to drop the PMI.

20% down and FHA will allow for MIP to drop off after 11 years instead of entire life of loan. Points are what you pay to bring a rate down. Generally 1% loan orig fee is required. You prob just need to find a mortgage company and talk through options with them.

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Thu, 13 Jul 2017 12:47:16 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
For conventional, yes, 2 years. FHA, nope.
Even if I can put 20% down? I just don't want to wait 2 years for a conventional loan.

Can I still do a FHA loan with 20% down and not pay any points?
No. Conv is 2 years regardless. You can do FHA then refi to conventional later. Thats my plan, but I will wait until I can have 20% equity in the house at that time to drop the PMI.

20% down and FHA will allow for MIP to drop off after 11 years instead of entire life of loan. Points are what you pay to bring a rate down. Generally 1% loan orig fee is required. You prob just need to find a mortgage company and talk through options with them.

Thanks! I plan to do that. I just really don't wnat to have to pay MIP (I need to look this up). I should find a decent FHA loan calcualtor and see what I am looking at.

I'm just ready to move and it seems I cannot get the type of mortage I would prefer and use my bank instead of someone else.

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Mon, 16 Apr 2018 00:32:32 GMT

We do. We have no waiting period after a Discharge of a Chapter 13 for any FHA, VA, or USDA or Portfolio Loan Program. Conventional Loans require a 2 year waiting period unless you meet the extenuating circumstance guidelines.

For those in an active Chapter 13, you can apply for either a FHA, VA or USDA Loan providing you have made at least 12 months on time payments to the Trustee. Once we issue you a Pre-Approval and Fee Sheet, you can forward these documents to your Attorney so they can request a Motion to Incur Debt.

Please feel free to reach out to me.

Re: Mortgage Lenders with No Waiting After Chapter 13 Bankruptcy

Anonymous — Mon, 16 Apr 2018 02:04:53 GMT

FHA with PMI might end up being a better financial option for you than conventional and 20% down, even if you had the choice. If your FICO mortgage score is under 680, the better FHA rate and PMI is usually cheaper.