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[planewhisper]

Was wondering if anyone has been in the same situation as myself. Last payment was paid and received by Trustee. All debts paid in full, and I overpaid and will be receiving the refund, which I am not worried about. Now the question, I have been pre-approved for a VA home loan. We have found a home and would like to buy it. We have been renting after selling our home right before bankruptcy 5 years ago. Can I make a offer on the home, can I submit the loan papers to the mortgage lender for underwriting, I understand that I cannot close until I get the discharge papers. Any help would be appreciated.

[justbroke]

The fact is, that you could actually close on a home while in an Active Chapter 13 case. Since your case is not yet closed, you are still under the jurisdiction of the court. This means that you cannot purchase -- acquire new debt -- without permission of the Trustee and the Court.

[planewhisper]

But I will not be purchasing anything during Chapter 13. Only after I receive the discharge paper would I close on the home. All the paperwork would state "after chapter 13 discharge"

[justbroke]

You should be okay, but this is a question for your attorney. Obtaining pre-approval is certainly not "obtaining" new debt, so I don't see a problem with that. The concern was only with closing a real estate purchase contract prior to discharge/close.

[Cycleguy]

Is it possible to get a VA home loan while in bankruptcy??? Or almost out of bankruptcy i should say??? My chapter 13 will be over in March, I figured it would be hard enough to get a car loan much less buy a house??????

[justbroke]

FHA certainly allows loans during a Chapter 13 with permission. You would technically need permission from the Trustee to incur debt. You'd also need to otherwise qualify. I don't know how VA Mortgages deal with bankruptcy (and active bankruptcy like a Chapter 13). If you think that you really want to do this, first consult with your attorney on the process, then see if you can get pre-approved. Ask lots of questions!

Actually, the car loan companies, and certain credit card companies, will be all over you once your case is discharged!

[Cycleguy]

I was looking at the requirements for a VA home loan and it was requiring for 1 year from discharge for a Chapter 13. Is this not the case?? Where are the newest latest requirements??

Thanks

[justbroke]

I don't know the details, but I believed that VA allowed loans during a Chapter 13. Try calling a lender/bank that does VA Mortgages to check for certain.