Is there anyone on this board that has info as to whether its possible to get a mortgage after chapter 13 BK. I've been in plan for 64 months and getting ready to get discharged. I have established credit since BK with credit cards (small limit with balances of less than 10%). Ive been told that I'd have to wait 2 years after chapt 13 is discharged. would appreciate any info
You would need to wait 2 years to get an automated approval, but you can get a loan right now from a lender who manually underwrites FHA loans. Some will do it with a 620 score, most will want a 640 middle score though. As long as you have no lates since you started the Chapter 13 (and they may ask to see your Chapter 13 payment history), and your debt ratios are in line, you should be good to go.
Mzware, I am in a similar situation. I, too, am waiting for my chapter 13 discharge and am hoping to get a VA loan. My midscore is 608 and I have been turned down by quicken loans for a mortgage. You mentioned that it is possible to get a VA loan with a midscore of 600. I live in Texas and was wondering if you are anyone else can recommend a lender that could help.