So a little bit of background. I'm currently in a chapter 13 payment plan and have been trying to rebuild my credit to buy a home. My husband and I been renting for the last 4 years paying $2000 per month for rent (ouch!!).
I applied for a loan late April and put an offer on home and it accepted early May. (Only I am on the loan since my husband have a few collections on his file.) Since then we've had the inspection which went well. So it's been a stressful few weeks while giving my LO my whole life file and waiting for the underwriter to get back to me.
But on a good note - - I'm offically approved with conditions (15 to be exact). I also heard back from the court and they approved my request for a home loan! I couldn't be happier! I was also locked in at a rate of 4.375% over 30 years FHA loan.
Apprasial is ordered for next Tuesday and I'm hoping that goes well. I wanted to let everyone else know that it's definately possible after a bankruptcy chapter 13 to obtain a home loan and after rebuilding credit.
My LO assured me that it will be smooth sailing from here! Can't wait to hear the words - CLEAR TO CLOSE!
Do you guys foresee any issues??
It all looks pretty normal to me and we just refinanced our home at the end of March. The added "questions" have to do with your Chapter 13 and satisfying judgments, etc if I read that right - yeah that's typical. Just go down the list and reply to each as needed (documentation, letters, etc).
Thank you! I've sent just about everything I can in at this point! My bankruptcy was pretty straight forward and I had all the documentation.
Thanks for posting this, I'm just about to wade into the same scenario below. Who was your lender?
I went through this same scenario back in 2015 for my first home and I didn't have as many conditions as OP, but I needed to get permission from the court and 30 days for written permission. I went with Lone Star Financing, which is a broker. Keep in mind that no bank at the time would touch me with a 10' pole.
Everything looks like standard conditions. Great job for keeping your payments to the Trustee on time! I have closed hundreds of these over the years and it's a shame more people don't know that teh Agencies FHA, VA and USDA all allow this.
Best wishes to you!