Web References: http://fhamortgageinfo.com/
The waiting period for FHA is 2 years from discharge for a Chapter 13 that was successfully completed. A waiting period of less than two years may be allowed on a manually underwritten loan under the criteria noted (one year lapsed, successful payment history, written permission).
Not all lenders allow manual underwriting of FHA loans. Most use the FHA total scorecard, which will require a 2 year waiting period from discharge.
Hope this was helpful and please let me know if you have any questions.
PS i like the last sentence you wrote. Better than average chance but not a slam dunk loan. Underwriters can do some funny things if all the pieces don't look good together.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
Here is more background. I will complete my Chapter 13 next month (September) with a discharge expected shortly thereafter. My annual income is $74,800 and I have almost 15 years of federal service.
I have maintained my auto loan ($350.00 per month) on time, and the loan will be paid off in six months. I will have no other debt, however, I intend to open a secured credit card shortly after discharge.
Finally, my credit score is currently 613, and I do have some other positive tradelines on my credit report still being reported that were pre-bankruptcy.
So based on your responses, I gather the odds are better than average I could qualify for a FHA mortgage in the near future.
It will depend upon your re-established credit. Best to confer with a loan officer. if you need a reference for a loan officer or credit repair specialist let me know.
Please feel free to access my website
This is a question best posed to a lender. Timing is not the only issue. You'll have to show a responsible use of any credit since the filing and be within the required income and debt ratios.
I highly recommend Pete O'Donnell at Firt Home Mortgage (410) 299-2043. If you speak with him (no obligation) please let him know I sent you. Thanks!