Freshstart, Both Buyer and Seller in Greater Harmony Hils,...

My husband and I are almost done with Bankruptcy Chapter 13.Will we be able to buy a home?

Asked by Freshstart, Greater Harmony Hils, San Antonio, TX Wed Jun 27, 2012

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Suzanne MacDowell’s answer
I believe so, if you have made your payments faithfully I think you can qualify for an FHA loan. The best place to find out for sure, though, is a local mortgage banker. I don't mean one of the big banks but a small firm that specialzies in writing mortgages. They will look at your current situation and tell you what you can do today, or, if you need to improve your situation, they will tell you exactly what to and how long it will take to see the results of those actions so you will know when you can expect to be able to buy. It would be well worth your time to talk to someone so you know exactly what the facts are. If you don't know a local firm, call a realtor and ask to be referred. We're here to help!
1 vote Thank Flag Link Thu Jun 28, 2012
Dear Freshstart,

Chapter 13 allows you to purchase a home using a FHA-insured mortgage while you're still in the "wage-earner" plan, as long as your payment history has been satisfactory AND you have permission from the court. You can actually be in the plan for one year and be allowed to purchase a home as long as you follow those two rules. This is far different from Chapter 7 that DOES require that it is discharged and two-years from discharge has expired.

I would suggest that you give me a call and get with a lender that thoroughly understands FHA. You will definitely get the accurate information you deserve, and get the best possible advice.

I hope that this has helped you.



Dianne Y. Ayala Steffey, MBA, CLU, ChFC, NMLS#267658
Your Personal Mortgage Consultant for Life!
Sterling Mortgage Services NMLS#373771
2929 Mossrock, Ste 222
San Antonio, TX 78230
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0 votes Thank Flag Link Thu Jun 28, 2012
It must be discharged and you must begin to establish credit. About 1 to 2 years out to buy
0 votes Thank Flag Link Thu Jun 28, 2012
Yes Indeed! If your past 12 month pay history is all perfect... you will have no issue at all with getting an FHA loan if all else checks out.. :)

Easy as pie!

Start here: - it's an online loan pre-approval. Quick, easy, and Free... Kasey is by far the best loan officer San Antonio has ever seen.. I've never seen anyone beat her interest rates, and her service is just off the charts... You can thank me later ;)

In the mean time... I can shoot you over a bunch of homes that fit exactly what you are looking for..

Send me an e-mail with your criteria and I will reply with a bunch of nice homes that fit the bill :)

Jason C Campbell
Option One Real Estate
0 votes Thank Flag Link Thu Jun 28, 2012
Yes, it is possible. I have answers for all your questions. Please let me know if you want my help. I will not charge you.
Good Luck.
Jose L. Novelo
0 votes Thank Flag Link Thu Jun 28, 2012
Without speculating on timelines and such, it's best to get someone to look at the total picture as my colleagues have already stated. I recommend calling Lisa at SWBC and she can give you the honest information you need. It won't cost you a penny. Here is her contact info:

Lisa Warren
Senior Mortgage Banker - SWBC Mortgage
NMLS# 227358
8400 Blanco Rd, Ste 100
San Antonio, TX 78216

She is super easy to work with. Let her know Darrell recommended her and whenever you are set to find a home, I'll be glad to assist. Good Luck!

Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-881-6760 (Fax)

'Serving all Your Real Estate Needs'
0 votes Thank Flag Link Thu Jun 28, 2012
HI Freshstart,

Suzanne is absolutely correct. The best way to find out if you are ready is to talk to a local lender who will give you the facts. Depending on your current situation and how the bankruptcy was handled, you might very well be ready to buy a home. If not quite yet, a local mortgage broker will be able to lead you in the right direction :)!

Good luck to you and if you need a referral to a lender, feel free to give me a call!

Brenda Mullen
Realtor®, ABR®, e-PRO
RE/MAX Access
0 votes Thank Flag Link Thu Jun 28, 2012
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