Home Buying in Bronx>Question Details

Luis Mateo,  in Norwood, Bronx, NY

I filed for chapter13 three years ago and I have the 20% down payment . Will I find a lender that what to give me a lond?

Asked by Luis Mateo, Norwood, Bronx, NY Wed Feb 20, 2013

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Very good response Shane.
3 votes Thank Flag Link Wed Feb 20, 2013
Luis, there are several more determining factors in addition to the bankruptcy and down payment. If everything else is fine, the answer is YES! A chapter 13 bankruptcy that was discharged 3 years ago will not stand in the way of you obtaining a mortgage. In fact, we have loan products that would have not required you to wait such a long time.

The next step you should take is to meet face-to-face with a Loan Officer and allow him/her to review all necessary documentation to pre-approve you. This way you'll know for sure how much of a loan amount and purchase price you approve for as per your current financial situation.

I'm always available to meet if you need a Loan Officer to help you. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 740-4478
3 votes Thank Flag Link Wed Feb 20, 2013
Hi Luis,

All the responses below are great so since your account was discharged. You can apply for a conventional mortgage. If you're looking to buy in the Bronx, please contact me. We're the #1 office in the Bronx with many listings and great deals.

John Lajara
REALTOR®/Notary Public
Certified Buyer Representative (CBR)
Cell: 917-848-4655
Fax: 917-522-9638
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465

Visit me on Trulia & Zillow
0 votes Thank Flag Link Fri Feb 22, 2013
Good Morning, please call me @ 646-851-6799 to discuss,thank you
0 votes Thank Flag Link Thu Feb 21, 2013
Hi Luis,

Yes, you can obtain a mortgage after Chapter 7 or 13 Bankruptcy as indicated in the excellent responses provided by my Trulia colleagues. And there may be a number of affordable mortgage solutions available to you depending on your current credit and financial profile. It's important that you consult with an expperienced and licensed loan officer to explore all your options. For more information or assistance, please contact me directly at 917.699.0183 or via email at michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

Michael Denniston
Senior Loan Officer
NMLS License #24076
Residential Home Funding Corp
Mortgages for America
Company NMLS # 34973
0 votes Thank Flag Link Wed Feb 20, 2013
Thanks for yours answers, Javier and Shane . Yes my ch 13 bk was discharged 3 years ago.
0 votes Thank Flag Link Wed Feb 20, 2013
Luis, you said you FILED your Ch 13 BK 3 years ago, so does that mean you are still in the repayment period? Or have you now completed the Ch 13 BK repayment plan and you are waiting for the discharge (or it was recently discharged)?

When there has been a Ch 13 BK, you can actually still be in the repayment plan period and be able to qualify for FHA or VA (if you are a veteran) financing. The requirements are:

- one year of the pay-out period under the bankruptcy has elapsed
- your payment payment performance has been satisfactory and all required payments have been made on time, and
- you have received written permission from bankruptcy court to enter into the mortgage transaction.

If the Ch 13 BK has already been DISCHARGED, then the above 3 requirements aren't needed for FHA or VA financing.

If the Ch 13 BK has been DISMISSED, then it's 2 years from the dismissal date for FHA & VA financing.

Fannie Mae & Freddie Mac require 2 years from a Ch 13 BK discharge date & 4 years from a Ch 13 BK dismissal date (2 years from dismissal with extenuating circumstances). If it's been 2 years since your Ch 13 BK discharge, then with a 20% down payment Fannie Mae or Freddie Mac financing would be a very good option since they wouldn't have the expensive mortgage insurance that FHA has (VA doesn't have any mortgage insurance, but it has a funding fee unless you are exempt).

In all situations you need at least 12 months of re-established credit, some lenders want 3 trade lines of 12 months each. Trade lines that survived a BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that you are making payments on that couldn't be included, etc. can count towards the re-established credit.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes Thank Flag Link Wed Feb 20, 2013
Was the bankruptcy discharged...For a personalized answer visit with any licensed loan officer; generally it can take take anywhere from two to four years for a mortgage qualification....
0 votes Thank Flag Link Wed Feb 20, 2013
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