Don't give up! FHA loan 5 months out of

[southerncomfort]

Ch. 13.

We were discharged in December 08. We bought a new home in May 09 while we still owned our old home. We did have to jump through quite a few hoops and we do have somewhat large incomes and a downpayment (DH got a bonus in January).

So, it can be done! You really need to find the right broker. I recommend that you ask local realtors which brokers spcialize in people with difficult credit situations.

We have a 30 year FHA loan at 5.5 %.
I hope this encourages someone not to give up on buying a home.

[oldhack]

There has never been an FHA waiting period for Chapter 13 filers re mortgages. In fact, you can apply -- with trustee/court permission -- for a mortgage with as little as a year's good payments to your trustee inside the plan.
For example, as reported elsewhere here, I closed a mortgage (also a 5.5% for 30 years) earlier this spring just 55 days after Chapter 13 discharge.
The 2-year waiting periond by FHA regards Chapter 7 filers.
Nonetheless, it IS getting harder even for recent Chapter 13'ers to fund mortgages successfully, even after discharge, just as it is getting harder for the general populace.
As SC notes, a good broker/loan officer who is experienced in post-bankruptcy applications is essential.

[southerncomfort]

Yes, it does seem like many are confused about the time period delay (for any conventional mortgage you DO have to be two years out of BR)-- but even for those who aren't, I get the general impression that people feel they will never be approved for a mortgage just because they have filed bankruptcy. Not the case as you can see by mine and oldhack's experiences.

You can get a loan. Be prepared to provide TONS of documentation. I had to copy 3 years worth of bank statments for our loan along with tons of other very partiuclar requirements.

[HHM]

Still a good post, as mentioned, it provides hope and a real situation in which a person does get a mortgage after BK.

You are correct, many people are under the misconception that they cant get a mortgage for 7-10 years.