This Article Is About Re-Establishing Credit After Bankruptcy And Foreclosure: Having a bankruptcy or a foreclosure is not the end of the world. People can definitely qualify for a mortgage after bankruptcy. However, there is a minimum waiting period required to qualify for a mortgage after bankruptcy on government and conventional loans. Gustan Cho Associates offers […]
This Article Is About Chapter 13 Trustee Mortgage Approval Guidelines On FHA And VA Loans: Tips And Advice in getting Chapter 13 Trustee Mortgage Approval During Chapter 13 Repayment Plan On VA and FHA Loans: As you already know, Gustan Cho Associates are experts in mortgage financing revolving around bankruptcies. If you are currently in […]
This Article Is About HUD Bankruptcy Guidelines After Chapter 7 And Chapter 13: HUD Bankruptcy Guidelines state that borrowers can qualify for FHA Loans after Chapter 7 and 13 Bankruptcy. Many homebuyers, especially first-time home buyers, think that getting a mortgage is next to impossible after filing bankruptcy. This is not true. Bankruptcy will initially […]
The skyrocketing housing market is a good time for homeowners in an active Chapter 13 repayment plan to do a cash-out refinance and pay their Chapter 13. Many homeowners do not realize how much equity they have in their homes. Home values have skyrocketed in recent years.
VA realizes that veterans may have less than perfect credit than civilian home buyers due to serving in the armed services. We will discuss qualifying for VA Mortgage After Short Sales on this blog versus other mortgage programs.
You are eligible to apply for FHA home loans after filing for Chapter 13 bankruptcy protection. Here’s what you need to know about buying or refinancing with an FHA mortgage after a Chapter 13 bankruptcy. You do not need to have your Chapter 13 bankruptcy discharged to qualify for an FHA loan. Also, there is no waiting period to qualify for an FHA loan after a Chapter 13 bankruptcy discharge. Many lenders may require you to wait two years after a Chapter 13 bankruptcy discharged date. However, Gustan Cho Associates does not have a waiting period after the Chapter 13 Bankruptcy discharged date.
Lenders will do everything possible to work with homeowners who cannot afford mortgage payments. Lenders do not want the property. Mortgage lenders want to work with homeowners on a workout where they can continue paying on their home mortgage. This may include a loan modification, extending the current mortgage to a longer-term, or forgiving the past due amount.
Bankruptcy is generally a good thing for consumers drowning in debts. Filing bankruptcy will not deter homebuyers from purchasing a home. Gustan Cho Associates has non-QM mortgages one day after bankruptcy with no waiting period requirements with a 30% down payment.
Buying a house during and after Chapter 13 bankruptcy is allowed with FHA and VA Loans. Many people do not realize that Chapter 13 Bankruptcy is allowed with VA and FHA Loans. Even many bankruptcy attorneys do not realize that Buying House During And After Chapter 13 Bankruptcy is allowed.
What is the waiting period to get a home loan after filing Chapter 11 bankruptcy?
FHA allows mortgage eligibility after 12 months of on-time payments if the bankruptcy trustee approves, and no waiting period after discharge.
VA home loans are allowed after 12 months of on-time payments and trustee approval, and no waiting period after discharge.
Conforming (Fannie Mae and Freddie Mac) lenders require a two-year waiting period after Chapter 11 discharge, and a four-year wait after Chapter 11 dismissal.
Mortgage applications after recent bankruptcy filings may require manual underwriting, which can be stricter than automated underwriting.