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Hello. I am currently two years into a chap 13 payment plan. I have a credit score of 651 currently and am looking for a FHA or VA loan. Have about $4,000 to put down and was approved for a $5,000 grant from PenFed foundation though the dream makers program to put towards a downpayment. Looking for someone who could help me get approved for a first time home buyer loan. 
  • December 06 2013 - Columbus
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Answers (2)

I agree, you'd have to have permission from the courts. You can check with your bankruptcy attny to find out with regards to your specific situation, if they feel you would have a good case. You'd just need 12 months of clean payment history to qualify for either FHA or VA. I would structure your loan as VA, using your veteran benefits - Thank you for your service! This would save you quite a bit of money monthly avoiding monthly mortgage insurance. I'd even suggest at the time you go to make an offer to request the seller's assistance to cover your closing costs. This way you keep as much of the $4k you have for moving expenses and for getting settled in your new home. I'd be happy to answer any add'l questions you may have. Best wishes otherwise, Kimberly Lawson. Licensed Mortgage Loan Originator-Ohio only. Contact and licensing information can be found on my profile.
  • December 06 2013
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It is possible for you to get an FHA loan but there are specific requirements for you to follow due to the chapter 13 bankruptcy. First off, you must have at least 12 months payments that have been made. Since you are two years into your plan, you should be good as long as all your payments have been satisfactory. There also has to be a written approval from the court to apply for an FHA loan. Additionally, the borrower must write a detailed explanation of the bankruptcy and submit it with the loan application. So in other words, you have the ability to obtain an FHA loan as long as you can complete these requirements. The best thing for you to do is to speak with a lender directly to see if you can get started on financing a new home with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • December 06 2013
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