Home Buying in 43701>Question Details

Eager Home B…, Home Buyer in 43701

How long do I have to wait after my Chapter 13 bankruptcy to qualify for a RD loan?

Asked by Eager Home Buyer, 43701 Thu Jun 2, 2011

My first home is a double wide FHA loan that I bought when I was single and now I am married with two children. My chapter 13 was discharged Oct. 2010 but I made all my payments on time for the entire length of the plan. My credit score and debt to credit is ok too.

Help the community by answering this question:


As Josh said you can get a USDA Rural Development Loan after 12 months in a Chapter 13 with proof of on-time payments. What happened with the FHA Loan? If there is any sort of Forclosure on your record this could affect that time frame.

Feel free to visit USDA"s website for more info and a list of approved lenders in your area, or mine below:
0 votes Thank Flag Link Mon Jun 6, 2011
Good Evening!
I am a lender located in Cleveland, Ohio, and I can get RD loans approved with being in a Chapter 13 Bk for only 12 months with on-time payments to the Trustee. The fact that you are now discharged and can prove the on-time payments, there shouldn't be a problem at all, and I would love to check into your situation a bit more. Below is my contact information, and also some of the parameters for getting approved...

- Must have a minimum 640 credit score
- Must have re-established credit with at least 2 active tradelines (auto loan, credit card, etc...)
- Must be able to verify rent payments covering the most recent 12 months
- Debt to Income ratios cannot exceed 29% for the home liablilities, and 41% for everything

Joshua Pick
USDA Rural Development loan specialist
Consumers Real Estate Finance Co.
216-236-7266 Direct Line
0 votes Thank Flag Link Thu Jun 2, 2011
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