I really didn't expect this, but circumstances fell into my lap!
A young colleague remarried, to a physician who can't move further away from his work and current home. Thus, they wound up a house ahead, with some incentive to shed the one local to me relatively quickly. I mentioned early on that I'd like to learn about the place, and she expressed a readiness to sell quickly -- preferrably without paying broker/agent's fees -- about the time my Chapter 13 discharge arrived.
So, I found myself using an online, loan-search engine less than a week after 'freedom day'! Much to my surprise, a mortgage broker responded within 24 hours, and seemed positive from the get-go that we could at least work an FHA deal.
Since I'd filed Chapter 13 less than four years ago to escape a debt crescendo from a decade of substantial medical bills, following a year in consumer debt counseling -- during which all of my unsecured credit accounts were closed, and I'd paid several down to $0 balances -- even today, my credit reports show almost no late payments, and many positive reports (from those previous 'closed in good standing' accounts). Plus, of course, $0 debt (until today
!). So, my FICO scores still were well above minimum FHA standards.
Anyway, we negotiated an arm's-length contract, submitted it and my loan application, and awaited developments. Oddly, almost all of the hiccups revolved around the value of the home and a second appraisal (both appraisals leave me with positive equity even after a minimal 3.5% down payment and closing costs rolled into the loan), and the Chapter 13 history was never an issue.
I closed today. My housing and debt costs are now combined as a single unit, and approximately $200 less per month than my previous combined housing (rent) and Chapter 13 payment had been for the past several years. Of course, my utilities will increase with almost double my current living space, but I now have my own driveway, front and back yards, a fireplace, a patio, privacy fence, covered porch, three bedrooms, two baths...
I'm not a giggler, but I almost feel one coming on.
A young colleague remarried, to a physician who can't move further away from his work and current home. Thus, they wound up a house ahead, with some incentive to shed the one local to me relatively quickly. I mentioned early on that I'd like to learn about the place, and she expressed a readiness to sell quickly -- preferrably without paying broker/agent's fees -- about the time my Chapter 13 discharge arrived.
So, I found myself using an online, loan-search engine less than a week after 'freedom day'! Much to my surprise, a mortgage broker responded within 24 hours, and seemed positive from the get-go that we could at least work an FHA deal.
Since I'd filed Chapter 13 less than four years ago to escape a debt crescendo from a decade of substantial medical bills, following a year in consumer debt counseling -- during which all of my unsecured credit accounts were closed, and I'd paid several down to $0 balances -- even today, my credit reports show almost no late payments, and many positive reports (from those previous 'closed in good standing' accounts). Plus, of course, $0 debt (until today
!). So, my FICO scores still were well above minimum FHA standards.Anyway, we negotiated an arm's-length contract, submitted it and my loan application, and awaited developments. Oddly, almost all of the hiccups revolved around the value of the home and a second appraisal (both appraisals leave me with positive equity even after a minimal 3.5% down payment and closing costs rolled into the loan), and the Chapter 13 history was never an issue.
I closed today. My housing and debt costs are now combined as a single unit, and approximately $200 less per month than my previous combined housing (rent) and Chapter 13 payment had been for the past several years. Of course, my utilities will increase with almost double my current living space, but I now have my own driveway, front and back yards, a fireplace, a patio, privacy fence, covered porch, three bedrooms, two baths...
I'm not a giggler, but I almost feel one coming on.
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