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Chapt. 13 BK discharged in Dec. 2011. How long do I have to wait to apply for FHA or any other type?

Hello, I have a discharged Chapter 13 from Dec. 2011. How long do I have to wait to be able to apply for an FHA or other type of loan. I have about 5% to put down.
  • May 01 2012 - High Point
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Answers (8)

Profile picture for user803574
Thank you all for your responses. I need to clarify that the Bankruptcy was dismissed, not discharged. I decided to dismiss the BK to stop the plan.There was not a home asscociated with it, but the Chapter 13 was set up due my income.
  • May 04 2012
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You don't have to wait with a Chapter 13. You can apply for FHA financing right away with a discharged 13 as long as you were in it at least 1 year and made all of your payments as agreed.
  • May 04 2012
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the previous 2 months of bank statements for the accounts used for verification of assets (i 
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...or 1 month plus a VOD.
  • May 02 2012
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Profile picture for Sharon Lewis
Sorry to hear about your hardtimes...I would suggest you pick up the phone, call a lender and speak to them directly. They may be able to help you mend your credit and get you on the road to home ownership faster. 
  • May 02 2012
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" Good luck getting those NSFs by the underwriters."
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Dear Rita,

For mortgage qualification one only shows the previous 2 months of bank statements for the accounts used for verification of assets (if required) and/or funds to close. You can have 1000 NSFs and it won't make a bit of difference if it's not on the account used for the funds to close and not within the last 2 months. Even with NSFs, an underwriter won't care and would merely ask for a letter of explanation. 

You should have quit with; "You are correct Chuck."
I like the passive aggressive though.
  • May 01 2012
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Profile picture for Rita Walker
You are correct Chuck. My source was gave a generalization.
1 year on FHA.
Good luck getting those NSFs by the underwriters.
  • May 01 2012
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" 24-36 Months. But you need to be squeaky clean during that time.
No late payments and no NSFs. "
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One of these days agents are going to learn that there are actual answers to questions. 24-36 months is a useless answer to someone asking how long until they can purchase again. Is it 24 or is it 36? I really wish they would refrain from answering unless they actually know the answers. And NSF's have absolutely nothing to do with anything. 

FHA
A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender documents that
 - one year of the pay-out period under the bankruptcy has elapsed
 - the borrower's payment performance has been satisfactory and all required payments have been made on time, and
 - the borrower has received written permission from bankruptcy court to enter into the mortgage transaction.
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Conventional/Conforming
Bankruptcy (Chapter 13) A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The waiting period required for Chapter 13 bankruptcy actions is measured as follows:
 - two years from the discharge date, or
 - four years from the dismissal date. The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge.
  • May 01 2012
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Profile picture for Rita Walker
24-36 Months. But you need to be squeaky clean during that time.
No late payments and no NSFs.
  • May 01 2012
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