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Chapter 13 will be discharged in Oct - FICO 645 - can I obtain a mortgage (3% down) in November?

My Chapter 13 will be discharged in October.    I would like to buy a home with 3% down in November of this year.   I am hearing conflicting information.   Some people say FHA MAY make you wait a year, some say FHA WILL make you wait a year.  I have read that it can be done by only a few lenders and I don't need to go FHA?  Someone give me the correct answer please.  I am getting dizzy with conflicting information.

I have had the same job for 15+ years, perfect payment history with my trustee and my FICO score may improve once the discharge happens. I am not sure it will go up that is a guess.
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January 20 2012 - West New York
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What was the outcome of your home in NC?

A Chapter 13 does not disqualify a borrower from FHA financing if you can document a clean pay history for 12 months.  You are getting different answers because different lenders have different credit overlays on top of the FHA guidelines.
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January 20 2012
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Robert,  we did the Deed in Lieu of foreclosure when we filed for CH13 in October of 2007.

I just looked it up online.  The house was finally sold Last sold on 10/19/2009  (Zillow and Realtor have the same date) so coincidentally  October will be  3 years since the property transferred from being an REO property so I guess that is when FHA got paid.

My income is 6 figure and I have good payment history on my house up until i filed. I have made all rent and trustee payments on time.  
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January 20 2012
NYDaddy, surrending your house may be the bigger problem.  You usually have to wait at least three years from the date of transfer of the property.  Foreclosures and Deeds in lieu of foreclosure are considered one in the same.  And, if it was a FHA loan, its three years from when the claim was paid.

Do you know when this home was transferred and was it a FHA loan? 
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January 20 2012
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Thanks Robert, That 'overlay' answer makes sense to me.  The gave up control of the house as part of my agreement with the court in my bankruptcy.  I surrendered it.  That was the last I heard about it. 

So really what I guess I need to find is a lender that does not impose a bunch of additional rules as an overlay of FHA's guidelines right?  What I need is a lender who just follows the guidelines?
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January 20 2012
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Thanks for your reply Brian, My situation is that I was transferred back to NY from NC and well 5 years ago was the housing bubble pop and we could not sell our NC house.

So do I Need to do FHA because of the down payment or do I have any other options? 
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January 20 2012

You get conflicting answers because there is not a set in stone answer.  

FHA requires a 1 year wait after a chapter 13 BK is discharged.  They "may" make an exception depending on the circumstances behind your BK.   If it was caused my a hardship out of your control, it could work.   If you just ran up a lot of debt and declared BK as the easy way out, then they will NOT approve you until a year has gone by.

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January 20 2012
Normally your bankruptcy must be discharged for 2 years.  However, I suggest you contact a reputable mortgage company to discuss.  There may be possibilities out there for you.
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January 20 2012
 
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