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Qualifying for a mortgage after Chapter 13 Discharge

I am due to be discharged from my chapter 13 bankruptcy in less than 6 weeks. I would like to sell my current home (that was included in the chapter 13) and buy a new home. I will have about $20K profit to put into new home and my husband is a Veteran. He was not in the Chapter 13, but he needs my income to qualify for the house price we are interested in $250K to $300K. Will I be able to sign on a mortgage loan? My income has greatly increased since filing for the chapter 13, filed due to change in income (decrease), medical bills and ex husband not paying child support. Several Loan Originators that I talked to said I would have to wait 2 years? by Dawnru_926_743 from Brandon, Mississippi. Oct 19th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

If you were to apply while you are still in BK and before it was discharged, you would need permission from the trustee, but you could have applied then.. However after your out of BK, you would have to wait 2 years. While in BK, it's unlikely the trustee would have approved you for more expensive home... with VA however, they only require 1 year out of BK to qualify, but you need to find a lender who does not have their own guidelines which extend that waiting period... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 19th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

2 years from discharge date!

Oct 19th 2012
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Mike Schults (Mikeschults)
#200 ranked lender in California - 24 contributions

Everyone is going to tell you two years because that is how long your going to have to wait. You can keep asking and the answer will keep being the same. BUT I can do it for you right now 40% down the rate is 12% and 5 points so you can buy a house before the 2 years are up with this private money but you might not have that down payment or like the rate and points but it's a loan and you can re-fi in 2 years. If you don't like that loan you can wait to buy a house in 2 years or get a co signer to go on with your husband.

Oct 19th 2012
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