recent Chapter 13 (within past 60 days), Current home on MLS. How difficult would it be to purchase a home?
With a Chapter 13, and anticipating the sale of our current home, are there programs that would allow us to purchase a home? Prior to Chapter 13, credit scores were 760-780...no history of Foreclosure.
2 years for conventional loans, you can buy today with hard money if you have at least 35% down or 10% with a seller second.
About the only way you could possibly buy a home would be to pay cash for it or find a seller who might be willing to carry the note for you for the next 5 to 7 years. After a few years you might possibly be able to refinance it if you keep your credit clean from now on but with lending as tight as it is now, getting a new mortgage is going to an impossibility for you for a long time.
How difficult would it be to pass an elephant through a key hole? Sorry to be the bearer of bad news, but you're going to need 2-4 years AFTER your BK is discharged before being able to qualify for a new mortgage loan.
Best of luck to you!
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