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What are our options?

We're looking for a loan in Orange County for $850k. I have a Chapter 13 discharge which will be a year this March. I'm an independent contractor making between $120k to $130k a year and can provide bank statements. My wife makes about $105k a year and can give W2s What are our options? by miller32 from Orange, California. 13 days ago Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,788 contributions

While no one knows without reviewing a full application, you are presenting a less than ideal client with the bankruptcy so recent, making approval more difficult. Standard conventional loans require a minimum 2-year waiting period after discharge of a Chapter 13 before you can get a loan. FHA allows it after one year, and potentially now if certain criteria has been met. FHA allows for loan amounts up to $1,089,300 in Orange Co California. I suggest reaching out to a local mortgage broker in your area. Give them a full application, and let them zero in on your personal options. Good luck. I lend for homes in MN, IA, ND, SD, and WI. I can be found at FirstTimeHomeBuyer-MN.com | Cambria Mortgage | NMLS 274132

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