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my wifw and I are about 3 months from completeing a chapter 13 bankruptcy, can we apply for a FHA lo

  • November 03 2012 - US
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Answers (4)

If your bankruptcy is discharged before you purchase you will have to wait 2 yrs. before you are eligible.  You can purchase while still in the bankruptcy asNorm D Plume, "Coolidge or Chaos" has stated.

You do not need to establish any new credit outside of the bankruptcy as your payments to the plan are themselves re-establishment of credit.  (payments on time, as promised)
  • November 21 2012
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The FHA guidlines are 2 year waiting period for a chapter 7 bankruptcy

But on a chapter 13 bankruptcy you may qualify the guidlines are as follows:

CHAPTER 13 BANKRUPTCY

FHA will consider appoving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee's written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability.

  • November 21 2012
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Iassume you're asking if you can apply for a loan.

Anybody can apply, under ECOA you can't be discouraged from applying.

Being 3 months from completing a CH13 BK will not disqualify you, just show that you've made the pay,ments on time and get permission from the trustee.

  • November 20 2012
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your question is not complete. But you must wait 3 years from BK discharge date to qualify for an FHA loan
  • November 20 2012
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