Can I get a mortgage in bankruptcy CH13?

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A few years ago (when I was a loan officer), there were many programs that mortgages for those who had offered their BK CH7 CH13 or discharged. Are there any programs like that? I know that FHA is (or at least has only 8 years ago) after two years, but I think that there is no shock CH13 for 5 years. I can not wait seven years before I could buy another house I?

  1. Reply
    Gaytheist Buddha
    February 20, 2011 at 5:19 am

    No. Lending standards are very strict. 2 to 5 years ago, anyone with a pulse would qualify. Those days are long gone.

  2. Reply
    Steve D
    February 20, 2011 at 5:26 am

    Figure at least a few years. Subprime mortgages are a thing of the past. You can still get an FHA backed loan 2 years after bankruptcy discharge assuming your credit record remains clean for those two years.

  3. Reply
    February 20, 2011 at 5:33 am

    For chapter 7, you have to wait 2 yrs for FHA. For chapter 13, as long as you have no lates after you filed the BK and your fica is 620 or better you may qualify. In some cases you can get permission from the BK trustee and get a mortgage while still in ch 13. Any late payments after a BK can be deal breaker. You will need a good explanation for the BK (something other than “I got in over my head”) and a lender that will do manual underwriting. At least this has been my experience in selling manufactured and modular homes.

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