Mortgage lenders for folks like us?

[justbroke]

I had to comment on this, as I've become a reluctant expert on this issue. I recently closed on a home using an FHA loan while in an active Chapter 13, and it's anything but easy. It is a huge, multi-month trip to documentation hell. It's worth it, but let's not pretend for one minute that it's easy.

As you said, the banks have their own layered guidelines. That's very key to this discussion.

I always tell people who attempt this to use a Broker that knows what they are doing. You will bang your head against the wall if you attempt to go direct to the banks.

[klandsb]

BNKRPTin NC.... my situation is just like yours so I decided to wait out the 2 years .. In the meantime I am paying a little extra on my mortgage principle every month... I have 8 yrs left on a 20yr mortgage @ 5.75% ..

[BNKRPTinNC]

BNKRPTin NC.... my situation is just like yours so I decided to wait out the 2 years .. In the meantime I am paying a little extra on my mortgage principle every month... I have 8 yrs left on a 20yr mortgage @ 5.75% ..

With only 8 years left you are probably at the point of diminished return where saving a couple of points in interest may be of no benefit. Paying a little extra each month, IMO, is an excellent way to get the mortgage paid off early. I've got 20 years left on a 30 year at 7.88%. I can refi the balance with a 15 year mortgage and my payments would be about the same, the rates being what they are. If I am able to do that then I will do exactly as you and pay extra on the principle each month.

[kmjatl]

I'm in my final year of our 100% payback Ch. 13. We were hoping to get a mortgage right after we are discharged because the house we live in now is literally falling apart (we do not own this house, it is a double-wide owned by my mother). So, from your experience, we should wait 2 or more years after we are discharged to apply for a mortgage?

Look in to NACA (www.naca.com) you can start the program right after your ch 13 discharge.