Can I get a home loan 1 day after chapter 13 discharge? With what company?

Asked by verdalehassan, Chicago, IL Wed Apr 10, 2013

I have been in my chapter 13 plan since 2009. All payments have been on time and in full. It is set to discharge in June 2015. I was told by US Bank that even though FHA would allow for a loan the banks still wont approve it. I have to wait 2 years. Also I have looked into owner finance and rent to own. I cannot seem to find any legitimate people.

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11
Helen Mandel’s answer
Helen Mandel, , Chicago, IL
Thu Apr 11, 2013
FHA allows financing if you are in Chapter 13 for one year, have made timely payments and your trustee allows purchase and financing of property.
US Bank must apply their own rules which is not uncommon for banks.
You should speak with a different lender and see what their requirements are.
If you would like a refferal for a good loan officer, please let me know.
1 vote
Yes could you please give me a good loan officer. I have 13months left to finish my chp. 13 and I am trying to get into a home...sbailey@erwin-nc.org
Flag Mon Feb 20, 2017
, ,
Fri Apr 12, 2013
In regards to your situation: every investor/bank/servicing agent has there own internal company overlays in regards to credit history etc.

For example Chase correspondent states that in order to qualify for a FHA loan post a Chapter 7 bankruptcy due to financial mismanagement it is a required wait period of seven years unless putting 10% down.

US Bank has there own internal overlays. (I can explain most likely why US Bank told you this if you reach out to me).

FHA states in regards to a Chapter 13 BK you are able to obtain a FHA insured mortgage provided the lender documents that:

1) one year on the payout period under the bankruptcy has elapsed
2) the borrowers payment performance has been satisfactory and all required payments have been made on time
3) the borrower has received written permission from banruptcy court to enter into the mortgage transaction

Give me a call if you would like additional information and clarification in regards to qualifying. I am available seven days a week to assist.

Chris Diamond
Diamond Residential Mortgage Corporation
NMLS 771882
chris.diamond@thedrmc.com
847-775-2181
2 votes
JIM Michaels, Agent, Chicago, IL
Sat Apr 13, 2013
call Wesley
Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html15+ items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414
1 vote
Matt Laricy, Agent, Chicago, IL
Wed Apr 10, 2013
There are a few companies that will do this. i would call up a few lenders and see what they can do.
1 vote
David Hanna, Agent, Chicago, IL
Wed Apr 10, 2013
Way to go with the plan, and yes, there are a few lenders out there that will do this. Where are you looking to buy, and what type of housing?
1 vote
Maryland
Flag Thu Feb 25, 2016
, ,
Wed Apr 10, 2013
As a matter of fact, if you've been making ontime payments all this time, you could get a loan now, with the Trustee's permission.
1 vote
Does your credit score have to be at a certain number? We were just discharged in march
Flag Tue Apr 28, 2015
Does your credit score have to be a certain number? We were just discharged in march
Flag Tue Apr 28, 2015
, ,
Wed Apr 10, 2013
Yep. Wintrust Mortgage.

Call me at 847-939-9411

Thanks,

Matt Bukovy
Senior Mortgage Consultant
Web Reference:  http://www.mattbukovy.com
1 vote
It should be noted that I left Wintrust for Blueleaf Lending, but the website is still the same.
Flag Thu Nov 9, 2017
Greg, Home Buyer, Harvey, IL
Sun Oct 8, 2017
I will be finish with my chapter13 in febuary of 2018 how soon and where can I find a lender willing to give me a loan
0 votes
Opheliamorel…, Renter, Atlanta, GA
Sun Dec 18, 2016
How can I FIND A HOME FOR RENT .FROM AN OWNER THAT WANTS LOW RENT.SOMEONE TO BE IN THE HOMR SO IT SAFE FROM BEING VANDLELISED
0 votes
Glenn Benton, Home Buyer, Huntersville, NC
Tue Dec 22, 2015
thats not correct, I just closed on a home in North Carolina and my Chapter 13 is not a year discharged yet. (FHA does allow it. ) Talk to Ronnie at InterContinental Capital Group for more info at rsolomon@icghome.com or call him 917-340-4036
0 votes
Did you have to do a lot to get approved...i am in a chp. 13 and my last payment will be made March 2018 but i plan on paying it earlier than that...could you please send me some information as what i will need to do...i found 2 houses that are for sale and I would like to apply...
Flag Mon Feb 20, 2017
Thanks you have given me hope.
Flag Mon Aug 15, 2016
NOW THIS REALLY HELPED ME.. Thanks :)
Flag Sat Jan 9, 2016
JIM Michaels, Agent, Chicago, IL
Wed Apr 10, 2013
call
Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html15+ items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414
0 votes
alright. here's one for you. i filed 7 4 years ago this august. got a great new job and tripled my income. got preapproved for fha. in the interim of looking for a home the town got a ruling from a judge for taxes.i dont think with the claim against it will go thru and the refuse to make a payment arrangement to satisfy the judgement. all i want to is find an affordable home and move forward.i never reinstated the homes loans that were included in the chapter 7 and dont intend to because the old house is underwater about double what its worth. and i havent heard from the lenders in 4 years, its totally the town . should i threaten to file 13 , which ultimately will get them less of a payment than i offered, spralled out over three years? and if they accept a payment plan in the end will it satisfy the judgement? if i get approved for the FHA i will move and walk away....
Flag Fri May 13, 2016
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