One year post chapter 13 discharge. Lenders won't touch me

[Maybeyou]

I'm one year post chapter 13. I'm on my third broker who is looking for lenders who will work with me.

Does anyone have any suggestions I can send to him?  

We are going to lose the house we want to purchase. 

[MileHigh96]

Generally, after a BK13, you need to be 2 years post discharge to be able to qualify for a conventional mortgage and just 1 year post for an FHA mortgage. Those change to 4 years and 2 years for a BK7.

I would think you could find a lender that would work with you if you go FHA, but the problem with those loans are, you are stuck paying mortgage insurance for the life of the loan. Otherwise, if you want to go conventional, you will have to wait another year unfortunaely.

https://www.bankrate.com/mortgages/how-to-get-a-mortgage-after-bankruptcy/

[ShanetheMortgageMan]

Have you re-established credit since the BK has been filed?

If so, how many new trade lines/accounts have you opened and how long has each account been open for?

Were there any accounts that weren't included in bankruptcy that you also continued to make payments on?

What are the denial reasons for the past failed attempts with your mortgage broker?  That is valuable information which will allow you to address those reasons before you try again.

FHA, VA and USDA financing will actually allow you to obtain a mortgage while you are in a Ch 13 BK, as long as there have been at least 12 months of on time payments and the trustee has approved the new debt.  Once the Ch 13 BK is discharged then you no longer need the trustee approval.  

[Realist]

It usually takes 7-10 years I believe to clear out bankruptcy recording on the file.  You are working from a disadvantage here.

While I don't exactly know what requirements need to be met, I do know of two couples that produced results coming out of bankruptcy in a limited timeframe.  One acquired a new home of their own, seven years in the making.  Another older, came out of a short sale deal smelling like roses.

I'm a person that believes there is a silver lining in every calamity.   Find that silver lining.

I would personally invest into credit builder credit cards, to show a history of on time payments, if that's not available to you now.  Build the crediability, and everything else comes from it.

[VAMortgageGuy]

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@Maybeyou wrote:

I'm one year post chapter 13. I'm on my third broker who is looking for lenders who will work with me.

Does anyone have any suggestions I can send to him?  

We are going to lose the house we want to purchase. 

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Was your BK discharged or dismissed? Have you re-established your credit since the BK? What are your debt to income ratios? 

Unfortunately, your loan has to be manually underwritten which means tighter guidelines and lower debt to income ratios. 
 

Unfortunately, there are a lot of loan officers/brokers who just don't know the guidelines. The snippet I posted above is a great example of that. The brokers you've worked with may have run your application through an automated underwriting system (AUS) and received an approval but the guidelines require us to downgrade that automated approval to a refer if there is a bk present that has not been discharged for at least 2 years. When that happens, you have to look at the guidelines for a manual underwrite and verify the file meets them.
You need a broker/LO that knows the guidelines.