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Replies (4)
It might be possible with FHA depending on the circumstances.
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.
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.
- hannahd
- Contributions:12
I don't believe the FHA cap would enable us to refinance the first and second liens, but please correct me if I am wrong. Thanks!
Assuming you are in New York County NY, the FHA limit is $729,750 and you could combine the 2 with an FHA mortgage putting you at 71% LTV if your numbers are correct. If you do this, you will inherit mortgage insurance for at the next 5 years unless you do a 15 year fixed. You will have to run the numbers to see if they work for you.
You will also probably run into people that tell you it's impossible to get financing. There are those that will just say that the rules are ___ years for a BK without actually knowing that there is a difference in guideline dependent on what type of BK it is and what type of financing you are trying to get. It will take some research on your part to find someone knowledgeable enough to get it done for you should you go that route.
You will definitely want to work on the 630 score also to see if you can get it to a 640 at minimum and preferably a 660.
You will also probably run into people that tell you it's impossible to get financing. There are those that will just say that the rules are ___ years for a BK without actually knowing that there is a difference in guideline dependent on what type of BK it is and what type of financing you are trying to get. It will take some research on your part to find someone knowledgeable enough to get it done for you should you go that route.
You will definitely want to work on the 630 score also to see if you can get it to a 640 at minimum and preferably a 660.
- hannahd
- Contributions:12
I am not sure why the New York location showed up within my post, but I am actually in Kentucky - where I believe the FHA cap is $317k.
Our Chapter 13 BK will be discharged in April. Can anyone refinance us?
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