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Qualifying for a mortgage after Chapter 13 Discharge

I am due to be discharged from my chapter 13 bankruptcy in less than 6 weeks. I would like to sell my current home (that was included in the chapter 13) and buy a new home. I will have about $20K profit to put into new home and my husband is a Veteran. He was not in the Chapter 13, but he needs my income to qualify for the house price we are interested in $250K to $300K. Will I be able to sign on a mortgage loan? My income has greatly increased since filing for the chapter 13, filed due to change in income (decrease), medical bills and ex husband not paying child support. Several Loan Originators that I talked to said I would have to wait 2 years? by Dawnru_926_743 from Brandon, Mississippi. Oct 19th 2012 Reply


If you were to apply while you are still in BK and before it was discharged, you would need permission from the trustee, but you could have applied then.. However after your out of BK, you would have to wait 2 years. While in BK, it's unlikely the trustee would have approved you for more expensive home... with VA however, they only require 1 year out of BK to qualify, but you need to find a lender who does not have their own guidelines which extend that waiting period... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 19th 2012
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2 year minimum unless you use private money!

Oct 19th 2012
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2 years with a good reestablish credit history. Get a secured card asap and start paying on it.

Oct 20th 2012
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yes,, you will have to wait for the 3 yrs for fha, and 5 to 7 for a conventional.. you will have to use your husband ;s income to qualify, and get a house that you can afford with his income... i specialize in VA LOANS ... a VA LOAN is 100% no mortgage insurance ,and they are flexible on the debt to income ratios... please email me at yourloanpartnerforlife@live.com linda

Oct 19th 2012
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You may be able to qualify, but your mortgage options will be limited due to the BK. With a FHA loan, you can actually get mortgage financing "while you are in Chapter 13 bankrupcty" and "one day" after the discharge of a Chapter 13. Of course, specific qualifying guidelines will apply - - AND - - I have closed loans like this. Give me a call or email on Monday and lets talk about it a bit more.

Oct 19th 2012
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Tap the brakes,....don't plan on packing just yet. As long as you are on the loan, you're going to have to wait 2 - 7 years based on the type of loan program you're looking at doing. The only way around this is if you go conv. and put the loan only in your husbands name. Of course, without your income you will need a less priced home so this may not be an option for you. FHA and VA will require you to be on the loan, thus be a deal killer.Sorry, that's the penalty for filing BK.

Oct 19th 2012
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