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Discharged CH13 in March, closed today!

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    Discharged CH13 in March, closed today!

    If you told me that I would be a homeowner at any point leading up to December of 2013 I would have "Never!".

    Today I closed on a house! I got my Chapter 13 discharge on March 12th. I will say that I began my credit rebuild during the plan and my Fico 8's, post discharge, were in the high 600's. Even more remarkable were my mortgage scores, which were 677, 690 and 700. In my case I had low DTI, good scores and a great loan officer. There were no bumps in the road, either. Not even a letter of explanation for my bankruptcy. Seeing as I had little savings after the BK, I had to borrow from my 401K for the down payment and closing costs.

    For those of you who think there is no light at the end of the tunnel......keep at it. There is!

    Some details. My income is $112K per year, my mortgage is a 30 year FHA 4.125% with MPI the loan is $331K and my cash to close was $3K. My DTI ends up being 25.3% front end and 31.34% back end.

    #2
    Great news! I always love to see the other side of a Chapter 13. Congratulations on the new home and the fresh start.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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      #3
      Thanks! I know most people tend to leave the forum after they get discharged but I still come in to lend some encouragement. I know when I started it helped me out to see other members stories. Gave me hope.

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        #4
        Congratulations wd2005..that is the kind of good news that people starting out need to hear. There can be a fantastic light at the end of the tunnel!
        Enjoy your new home..you worked hard to get it!
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

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          #5
          Congrats! Thanks for the update, nice to hear when people can get credit and mortgages that soon after BK.
          Filed Ch 13 November 2013, discharged March 2019
          Credit Karma FICO scores 3 months post-discharge:
          715 Trans Union/726 Equifax

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            #6
            Congrats on your new home!!! How did you start rebuilding your credit during the plan? That is something my husband and I should start doing. We have a house now, but are seriously thinking of moving after Chapter 13 (which would be 2023)

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