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Profile picture for phils46

can we be approved for conventional refinancing after 24 months discharged from chap 13?

credit scores are between 620-640 due to lates in mortgage payments 2 years ago.  thank you.

  • February 05 2011 - Los Angeles
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Answers (6)

Yes, if you have 24 months elapsed from the discharge date, you are eligible for conventional (fannie mae) financing.

As long as you have a clean mortgage history over the last 12 months, you should have an good chance for an approval.   The Loan to Value will be a key factor.

  • February 05 2011
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Yes, it is possible. I can't say you'd for sure be approved without seeing the whole loan file but as far as being 24 months past the Chapter 13 discharge, you are fine...

  • February 05 2011
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2 years is the time limit.  One important factor is that you have re-established your credit since the BK (getting new credit cards, using them and paying them on time)
To many times, people move to all cash and the credit history cannot repair itself.
If that doesn't apply to you, take a look at it and see if you can take advantage of the market while its still at a low.
  • February 07 2011
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Profile picture for Chris Starke
You should be fine to refinance a conventional loan 2 years after the discharge date of the bankruptcy. So long as your last mortgage late is 12 months old that will not affect your ability to qualify for the refinance.

You will want to make sure that the bankruptcy shows as discharged and not dismissed on your credit report. A dismissal requires a longer waiting period.
  • February 14 2011
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Profile picture for mshort

You are eligable for conventional financing if your Chapter 13 BK has been discharged a min of 2 years.

  • February 15 2011
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Yes, you can refinance. But try and work on the score and get it up
  • March 02 2011
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