Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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FHA Mortgage after Chapter 13

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  • FHA Mortgage after Chapter 13

    We are in the process of the last payment on our Chapter 13 and I have been studying everything I can read regarding the Back to Work Program. So many things are written regarding how long you have to wait after you are discharged! Confusing! Some FHA Mortgage sites say 1 year after discharge. I did find this on the HUD FHA site guidelines that FHA lenders are supposed to follow. I am also being told that you need to go with a direct FHA lender for this program, not an FHA allowed lender. Per HUD FHA site:

    Chapter 13 Bankruptcy
    The lender must verify and document that
    • the Chapter 13 bankruptcy was discharged prior to loan application and all required bankruptcy payments were made on time, or
    • a minimum of 12 months of the pay-out period under the bankruptcy has elapsed and all required bankruptcy payments were made on time, and
    • the bankruptcy was the result of an Economic Event
    If the bankruptcy was not discharged prior to loan application, the borrower must receive written permission from the Bankruptcy Court to enter into the mortgage transaction.

    Has anyone successfully completed this FHA program? Hopefully I will be one of them

  • #2
    We have one year left on our Chapter 13 and will be going the FHA route as well after discharge so I'm very interested in your outcome. We kept our house during the chapter 13 but unsecured the 2nd. I'm not sure how that will affect us.
    Good luck and let us know the outcome!


    • #3
      Thanks vanillasky! I have been in contact with a few lenders and have been told that once the Chapter 13 is discharged we can be pre-approved for an FHA loan and will not have to do the Back To Work program since our short sale is more than 3 years old. Will keep you posted


      • #4
        Update on our journey for financing! We were approved! We are awaiting our 13 discharge and have been approved by an FHA lender with financing contingent on discharge letter. Took less than a month to accomplish this and did not have to go through the Back To Work program either. The loan officer was exceptional to work with, they did a manual underwriting (which is the most important part). We are going today with our realtor to view the house we have been waiting to see! So it can be done, but you do have to treat it like a Back To Work application, have everything there that tells your "story" of how and why you filed BK, short sold or were foreclosed on. With a good loan officer and a good underwriter that both want to put the time into the loan it can be done


        • #5
          No words of wisdom here but just have to ask. . .

          Trakehner or. . . ?

          Me. . . Hanoverian



          • #6
            Actually Fresian/ASB! Warmblood retired LOL


            • #7
              Originally posted by warmbloodmom View Post
              Actually Fresian/ASB! Warmblood retired LOL
              Cool. Got one H that is 25 (retired) and the other is 15.

              Good luck with the house hunting.



              • #8
                That is awesome! good to know there is hope for us out there. What kind of rate did you get?


                • #9
                  FHA 3.75% 15 year with 10% down Put a contract in on a house on Saturday, waiting to hear if ours was accepted, 60 day contingent on financing in lieu of our Discharge papers, which hopefully won't take more than that! Two bids on the house, people are grabbing up the well priced houses like crazy, the good ones are on the market for a few days and then gone!


                  • #10
                    I got a $250k 30 yr Conventional 2 years post 13 discharge with 5% down. I used a mortgage broker.


                    • #11
                      warmbloodmom who did you use for your mortgage,everyone in my area refuses and state fha guideline of 2 yrs post ch13 discharge, I am 1 yr post ch 13 bankruptcy


                      • #12
                        Conventional is 2 years, FHA you can even do it while you are in Chapter 13 after 12 successful payments. Try PMAC lending within your area.


                        • #13
                          The Federal Savings Bank, Barb Lanis, great to work with!


                          • #14
                            Thank you,was that a local bank in your area or do they work with people from all over, thanks Wendy


                            • #15
                              I believe she works in multiple states!


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