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FHA or VA loan during chapter 13

Hi. I am currently 2 years into a chapter 13 repaymnet plan and would like to know if it is possible to get an FHA or VA loan during the repayment process. My family is too large now for the place I am in and renting a large enough home would cost way more than buying one. My credit score is 651 currently. Any advice?
  • November 02 2013 - Dublin
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Answers (5)

VA and Chapter 13: 

From VA pamphlet 26-7, revised, chapter 4: Credit Underwriting:

e:.....
If the applicant has satisfactorily made at least 12 months worth of the new payments and the trustee or the bankruptcy judge approves of the new credit, the lender may give favorable consideration.






  • November 03 2013
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Here are wait times to purchase after a dreog event.  VA is 2 years.  
  • November 02 2013
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Profile picture for PaulMcCausland
Either one should work. It depends on which option would give you  the best terms (rate & cost). Let's discuss it. Call me when you have some time.
  • November 02 2013
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Hi, yes, with a 12 month payment history (written) and the court's permission, you could be eligible for financing. We'd be looking for at least a couple trade lines [creditors on credit, reporting positively). We can use some nontraditional credit but we do want to see you are in a better place now. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson. Ohio licensed mortgage loan originator. Contact and licensing information can be found on my profile.
  • November 02 2013
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Hello there!

I strongly encourage a VA loan, not only because they might work with you, but you might be able to put NO money down.

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  • November 02 2013
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