I was wondering if anyone has experience buying home right after discharge. I will be in a position to pay immediately as loan payment will be same as rent that I am paying now and will be able to have 3.5% down payment for loan from bonus payment that I am allowed to keep from 13. are there any banks that will work with 13 customers, I will have two very small car loans that I have paid during most of 13 and will be paid off soon as well so feel comfortable being able to get a mortgage, we have learned to buy everything with cash from now on except a home. Any help would be appreciated.
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From what I understand (and I am not an attorney or Realtor or mortgage broker), you can get a mortgage *during* a 13 (with Trustee approval) or 2 years following a 13. Both types of mortgages have minimum score requirements as well as other qualifying.
Good luck!!~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~Not an attorney - just an opinionated woman. -
Technically yes, but good luck finding anyone willing to do it.Comment
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Another question, if your home was added in middle of 13 and foreclosed is there a timeline to wait after foreclosure as well before any loan can be approved. I have read many sites and they all seem to have a diffeernt answers.Comment
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Yes, 3 years from foreclosure, regardless of BK.Comment
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What about a non conforming mortgage, does 3 year rule apply there as well.Comment
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Depends what you mean by a non-conforming.
The thing is, no one is doing non-conforming mortgages (or at least, it is rare). If you are getting a mortgage from any bank, mortgage lender, or credit union, it will be 3 years.
The only options around that are owner financing, hard money, or land contract.Comment
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