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FHA Loan after Chapter 13 discharge

New Visitor

FHA Loan after Chapter 13 discharge

Does anyone know what the new law is for the FHA waiting period after you are discharged from Chapter 13?  We are trying to buy a house and we were discharged from Chapter 13 8/13/09.  We had two different underwriters tell us back in May of this year that due to new laws we have to be discharged 2 years before we can qualify for FHA and 5 years before we can qualify for conventional.  We are talking to another bank right now and they are telling us it shouldn't be a problem.  I just want to put this bankruptcy behind me and move on.  Can someone help?  What bank(s) should I be talking to?

Message 1 of 4
Epic Contributor

Re: FHA Loan after Chapter 13 discharge

This is directly from the FHA website:



FHA will consider appoving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee's written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability

Message 2 of 4
Moderator Emeritus

Re: FHA Loan after Chapter 13 discharge

Great guiness - nothing like going right to the source for good solid info.


Guiness' post confirms our experience - we were able to look at refinancing our mortgage while still in BK 13, but didn't like the numbers.  We discharged in 2/09 and refinanced in, I think, 9/09.  No problems - great rate.

Just puttin' syrup on something, don't make it pancakes.
Message 3 of 4
New Visitor

Re: FHA Loan after Chapter 13 discharge

When buying  home after Bankruptcy, the following is needed:

1. Bankruptcy Discharge letter

2. 2-3 established tradelines ( can be alternative credit i.e.. Utility bills, Cell phone, Auto insurance)

The length of time since the bankruptcy is not a factor since it was been discharged.  The requirement is that the Bankruptcy file date must  be at least 12 months ago.  Therefore, since you are discharged, I am sure that it has been at least 3 to 5 years. 



Message 4 of 4