Rent vs Buy in Hammond>Question Details

Mskimmy, Renter in 46323

I am still paying off on my chapter 13.I am now considering wanting to buy my home.Question is can I buy a home with a chapter 13 ???

Asked by Mskimmy, 46323 Thu Jan 5, 2012

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8
Rob Spinosa’s answer
Mskimmy,

The waiting periods for each type of event (short sale, bankruptcy and foreclosure) are outlined in the short video to which I've linked below.

Thank you!

Rob Spinosa
rspinosa@rpm-mtg.com
1 vote Thank Flag Link Thu Jan 5, 2012
It will depend on how well you have strengthened your credit. Even though you had a bankruptcy, you need to then begin building credit again. As you do that, lenders will look at you at a better risk. They also look at why you had to do a chapter 13. Some look at medical as an emergency that you had no way of protecting yourself from. Otherwise, if it was just bills you couldnt pay - they may look at you as a high risk still. You will need to work on your credit scores, save money, then you can buy a home again!
0 votes Thank Flag Link Sat Mar 31, 2012
Chapter 13 bankruptcy requires the borrower to have been paying on the bankruptcy for at least one year, performance must have been satisfactory and the borrower must also receive court approval to purchase a home.

For more real estate information check out my Real Estate Consultant Fan Page... post your questions or comments and like me. Facebook.com/laslappey
Web Reference: http://LauraSlappey.com
0 votes Thank Flag Link Sat Mar 31, 2012
If you are paying you have not reached you discharge date and the underwriting guidelines state as follows; 2 years after discharge date and 4 years after dismissal date.

Hope this information is helpful,
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months
0 votes Thank Flag Link Thu Jan 5, 2012
Your bets bet is to meet with a local and trusted loan officer who can prequailify you at no cost, then you will not if you quailify now or what you need to do.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Jan 5, 2012
You can buy the home you're living in if that is the question. Contacting a local lender is a great suggestion. For sure, you'll have to get approval from the Ch XIII trustee, have paid the plan excellent for at least the last 12-24 months and have a credit score above 580-640, depending on the guidelines of the lender. Any re-established credit is a big plus. What state are you in?
0 votes Thank Flag Link Thu Jan 5, 2012
Yes, if your credit score is above a 580. SInce your Ch 13 payments will continue, you need to make sure your debt to income ratios still are under 36% to get a loan, 43% if you qualify for a VA loan. This can sometimes be difficult without having a major increase in your income.

Daniel Klein
Broker
Over 1 Billion Sold
800-640-8798
0 votes Thank Flag Link Thu Jan 5, 2012
MSkimmy;
You can either pay cash or you will have to contact a lender to see if you qualify for financing.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu Jan 5, 2012
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