New manufactured/modular with land loan after successful Chapter 13?

[frustrated51]

Any one have luck with a land/ new home loan before a year post Chapter 13 discharge? I hear conflicting things from the mortgage people I talk to and I wonder if some don't understand the difference between a Chapter 7 and a Chapter 13. I know that land/home is more difficult than existing home and wonder if it is worth a try.

[mynameainttracy]

We tried for a mortgage 3 months post discharge - DENIED, 1 year post discharge - DENIED and finally 2 years post discharge - APPROVED! It was heartbreaking to get denied so many times but in the end it was the best thing for us. We built new construction (through a builder/development) and closed about 8 weeks ago, VA loan, 3.375%, 2 years post ch13 and foreclosure.

You can keep trying but I would definitely make the lender put you through underwriting up front to catch any denial. That is what we did and it helped to eliminate a lot of sleepless nights since we were required to pay a lot of money down with the builder.

What are your mortgage scores looking like? Have you started to rebuild your credit? We also found out that the banks like to see 3 positive trade lines reporting for about a year. Have you looked at your credit reports to make sure everything is reporting correctly?

[frustrated51]

Thank you. I get such conflicting information from different loan officers I am so confused! We have 5 years perfect payments since the beginning of the Chapter 13. VA is what we would want to use. Two years seems like a long time! Congrats to you!

[df04527]

They ARE salespeople afterall, I would do what is recommended from folks who have been through it.