Fha Secured Chapt 13

[car67]

I am going into my third month of my Chapt 13 plan payments on time
and I am curious for homeowners who may be in 13 have they participated
in the FHA secured program as I am in a arm loan and I see I can shave about $500 of my mortgage if I can get into a flat 6% fixed rate and have no problems with trustee increasing my monthly if I get this savings to help pay down debt.......... Anyone been down this road yet and what point in the plan can you apply for fha secured.... I have seen a requirement of 12 months on time to trustee payment schedule and no lates on mortgage to get in? Any feedback out there? thanks Joe

[rrockinggramma]

FHA requires you to be discharged from your chapter 13

[car67]

I read somewhere FHASECURED will accept Chapt 13 after 12 months into the plan?

Joe

[car67]

. In addition, FHA will consider Chapter 7 (after 2 years) and Chapter 13 (after 1 year) bankruptcy as well as previous foreclosures (after 3 years) for approval; however, credit must have been re-established. FHA does not allow delinquency on any federal debt and requires all judgments to be paid.

http://www.fhaday.com/2008/04/03/credit-scores-and-fha-mortgages/

[krielly]

Check out this post:

http://www.bkforum.com/showthread.php?t=13709

Also - special attention to the next to the last paragraph in the original post.

Good luck!
K

[MOMof3]

We are signing our FHA refinance paperwork next week. We didn't have any problems refinancing--we filed chapter 13 February 07--so we are just over the one year of on-time payments mark. We are also being allowed to include the cost of a new roof. It was a no brainer for us as we will be lowering our mortgage payment nearly $600 per month---of course we do not get ALL of this benefit back, our chapter 13 payment is only being reduced $340 per month (more will go to the unsecured folks)--BUT when the 13 is over we will be totally glad we refinanced!

[car67]

Yes we are able to refinance our home too the lender only wants to see 580 fico and no lates on the mortgage Chapt 13 was not issue in fact my attorney had the lendor in his rolodex he sends all of his cases too SO YES you can refinance ARMS while in 13

[jgarton244]

We refinanced after 18 months in our plan. Previous poster is correct, Fico of 580 or higher, and no lates on BK 13 plan for 12 months or more, or other payments you pay outside plan. It took about 10 weeks from start to finish. Applied for loan, filled out application, filed paperwork, and last step was to get trustee's written permission to refinance. We had no problems with our refinance.

[CindyLou]

FHA requires you to be one year INTO your chapter 13.

[car67]

If your mortgages has had lates prior to filing then yes they want to see 12 months of clear payment history prior to accepting but able to get in if you have been current on mortgage and fico is north of 580... no lates on mortgage in prior 24 months was important

[Flamingo]

FHA requires you to be discharged from your chapter 13

You can obtain an FHA mortgage during your Chapter 13 but there are certain requirements that need to be met - you do not have to be discharged. We obtained one in March 2006, settled in April 2006 and were discharged in August 2006.