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Looking to buy a house after a chapter 13

i was recently discharged in July. Do I need to wait 2 years after my discharge to get a loan? by gsanchez07679 from Detroit, Michigan. Sep 20th 2017 Reply


Mike Silkworth (msilkw_195_870)
#30 ranked lender in Michigan - 519 contributions

For an FHA Loan with a BK, Chapter 7 where debts are discharged through BK, client does not pay any debts owingo 2 years from date of discharge with re-established credit paid as agreed or no new credit obligations occurredo Less than 2 years, but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances= Any questions, Mike at Union Home Mortgage 517-489-2328

Sep 20th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More info needed,, specifically, if there was a home involved in the BK, and whether or not the mortgage was current at the time you filed BK... But regardless, the short answer is Yes,, there is a mandatory waiting period,and it could be as little as 2 years if there was no mortgage included.. if there was a home, then the mandatory waiting period is 3 years for FHA since they would be going by Foreclosure guidelines and not BK (always worst case scenario).. For conventional financing, there's a 4 year waiting period with a BK, and still 4 years with a BK and a current mortgage at the time of filing.. if the mortgage went delinquent prior to filing, then conventional goes by foreclosure guidelines (worse case scenario).. and yo have to wait 7 years. FHA has the "Back to Work" program which allows you to purchase after 12 months, but the guidelines are very strict and few that apply actually get approved.. There are portfolio loan programs which allow you to purchase 1 day out of a BK or foreclosure, but the down payment requirements are stiff,, usually 25%-30% or more and rates are much higher.. but there is a loan available.. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Sep 20th 2017
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