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My husband and I just received a discharge for our ch 13 we also had a forclosure three years ago this May. How long do we have to wait to receive a new mortgage? My husband score is 650 and his annual salary is 70000.00. by tampac_853_591 from Ft Myers, Florida. Jan 10th 2012 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

For FHA, as long as you can document you made all payments required under the Chapter 13 Plan, the earliest date you would be eligible is 3 years from the date the Foreclosure deed was recorded. It is important that you obtain a copy of the Deed the lender recorded when they transferred title out of your name. This document will have the recording date. This is the only date that matters, and is considered day one of your three year waiting period. Once your three years is up, you should be good to go. My advice is to start the process now to make sure any issues on your credit are corrected. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Jan 10th 2012
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mitch cannavino (mitch@amlsfl.com)
#103 ranked lender in Florida - 3 contributions

Bert is exactly correct. It is very important to get the date that the foreclosure deed was recorded. I can help you with this i am a florida broker and would be happy to helpMitch Cannavino 407-687-9105 or mitch @amlsfl.com

Jan 10th 2012
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TRINA KINGERY (TKingery)
#27 ranked lender in Florida - 6 contributions

I have one loan program that does not have a specific wait period. You can purchase today if credit score is 640 or higher and you have 1 open/active/excellent credit account reporting to the bureaus. I would be happy to discuss with you. Call me (863) 858-6700.Trina KingeryHomestar Financial CorporationLakeland, Florida

Jan 10th 2012
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Adam Webb (Adam.Webb)
#15 ranked lender in South Carolina - 19 contributions

Berts right on the money! Typically three years with one year of proven on time payments before you can qualify for most mortgages. I hope you find this information helpful. Please contact me with any questions or concerns. Adam Webb, Mortgage Consultant, NMLS # 196458, First Charleston Mortgage 1 (800) 968-3987 or adam.webb@firstcharleston.com

Jan 10th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Bert's, answer is correct. Feel free to contact me anytime, as lenders change guidlines and programs daily, weekly and monthly. We have serveral lenders to contact with your scenario, at a click of a button. When you only want the absolute Best...Ralph Richard GuertinSenior Licensed Mortgage SpecialistPhone: 954-274-7725Fax: 954-337-2743Ralph@absolutelowrates.com

Jan 25th 2012
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