Conflicting information concerning wait period for FHA mortgage after ch. 13

[jedutton]

I have been told that there is a two year minimum wait period after the discharge of a bankruptcy. However, I have also been told that if you are currently in the repayment phase of a ch. 13 that you can apply for a mortgage after one with the permission of your trustee. If this is the case then once the bankruptcy is discharged, there should be no waiting period and no need for authorization from the trustee to apply for a FHA loan. Can someone please clarify this for me? Let me know if you are unsure of what I am asking. Basically what I am asking is does the two year wait period apply to both a Ch. 7 and Ch. 13 or just a Ch. 7?

Thanks,

JD

[justbroke]

You have read the FHA rules correctly. FHA states 2 years from discharge, but it also does state that a Chapter 13 debtor, having been in plan for at least 1 year, may qualify for an FHA loan. The real problem is that the banks (lenders) get to add additional seasoning, or may not want to deal with an "early" post-Chapter 13 loan You would need to shop your loan with an FHA broker.

Bottom line, if you made all your payments on time in the Chapter 13, are discharged, and otherwise qualify for the loan, then you should be able to obtain such a mortgage loan.