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Refinance after Chapter 13 Discharge

Our chapter 13 was discharged in March 2013, and we have a mortgage with Chase that was included but current. Also reestablished credit with credit cards and cars financed through Chase last April and on-time payments. Scores 680 -705, and base salary of 128k/yr. Current home value of 302,000 and balance of 200,200.00. Would like to refinance and take cash out. Also never used VA benefit and have COE. Live in Texas, does this sound "do able"?
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April 16 - North Richland Hills
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Here is an update: 
 Started working with local lender, and score were better than as they were EX700 EQ725 & TU748.
Was not able to do cash out, but now moving forward with refinance into a VA loan.
Will provide additional updates as it proceeds.
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May 02
You cannot use VA to do a cash out loan in Texas.

Our cash-outs are conventional.

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April 16
I just sent you a private message.  Since your chapter 13 was paid out over a year ago and you have worked to rebuild your credit as you explained you should be okay for a VA cash-out refinance.  Stick with the VA loan.  Its the best loan product out there.  Additionally, work with a lender / broker who is knowledgeable in the VA loan process as it is different from FHA and Conventional loans.  To take cash out will require an appraisal, but with the VA you can take out 100% (not that that is recommended).  Additionally if you collect 10% or more disability from the VA you are eligible to have the funding fee waived.  If you have any specific questions regarding any other parts of the VA loan process, feel free to message me.
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April 16
You can refinance your home, but you will have to sit through a waiting period and rebuild your credit (your credit should work). You can obtain an FHA loan or refinance during a Chapter 13 bankruptcy as long as you have made 12 months of satisfactory Chapter 13 plan payments, but you must have bankruptcy court approval to get the loan. In the case of either an FHA or a VA loan/refinance, you must provide an explanation of the bankruptcy. If you want a conventional loan/refinance, you must wait two years after receiving a Chapter 13 discharge. If your Chapter 13 case was dismissed without a discharge, you must wait four years from the date of the dismissal. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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April 16
Yes you can qualify for a new mortgage and can take some cash-out to a maximum of 80% of the appraised value in TX or you can re-fiance to VA or conventional to lower your current rate and terms. I will need to speak with you in person to determine what is your best options for your family needs. I can be reach via my profile.
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April 16
Congratulations!  Lenders look very favorably on consumers who successfully complete the Chapter 13 process.  Provided everything is as you're describing, you became eligible immediately following the discharge of the bankruptcy.

I would consult a mortgage professional in your area so they can compare conventional versus VA to see what might be the best route for you.  V.A. may offer a much better rate, but the Funding Fee on a loan of this size may be counter-productive.

If you have a VA disability, this will likely waive the funding fee and make the VA option significantly better, make sure you provide as much information as possible to the lender you choose.

I hope this helps!
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April 16
morning, yes it surely does sound doable.....the UW will want to verify the pay history to the trustee, but everything else seems in order for you to accomplish your goals!!

GOOD LUCK

randy
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April 16
 
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Refinance after Chapter 13 Discharge
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