Buying a home before/after Chapter 13

[Lissy]

So, I am starting to see the light at the end of this bankruptcy tunnel.

I only have 16 more payments to make (out of 60), so just over a year left. I am currently living in an apartment and have been since before I filed. I really would like to buy a house when this is over.

So I've been doing some preliminary research and it seems like the waiting period is consistently 2 years post discharge. I do not want to wait that long.

I have a good, stable job, plenty of income (especially once I no longer have a TT payment!) and I have been paying my car loan outside of the plan faithfully on time every month.

The only debt I will have post discharge is my student loans, which will be in decent shape since that has been paid through the plan all this time.

Despite all that, it sounds like I'd still have to wait 2 years if I wait until my discharge. However, I've also learned that an FHA loan can be approved while still in a 13, if you have a good payment history with the TT and they give permission. I hadn't thought about trying this before my discharge, but I'm starting to wonder if that would be the better plan?

Thoughts? I don't think I would have a problem getting my TT's permission. And I would only do this around this time next year, when I would only have about 4 months left on my plan (due to additional expenses like homeowners insurance and property taxes that would not be in my budget while in the 13).

[niko]

Did you surrender your previous home and it's foreclosed? or you had no home before? you can get a home from http://www.falkonhomeloans.com/Default.aspx

[AngelinaCat]

I broke your long post into paragraphs that are, I hope, easier for the members to read. Although after I went and re-read it I still do not understand what you want.

In my opinion, which many people do not care about, I will tell you this:

You are coming off of a very successful CH13 in a few payments or so. Stay the course that you are currently on, and save, save, save.

Do NOT go and blow whatever you might have saved during your CH13, and go back into debt. If you do that, you will NOT have learned a damned thing, and we cannot help you if you will not help yourself.

[Lissy]

I have never owned a home before, so no, I did not surrender or have a foreclosure when I filed my CH 13.

A home mortgage is not the same kind of debt that I got into trouble with before. That was all unsecured and me being stupid and living above my means. I have learned plenty over the last 4 years and will never get myself into this position again. I currently have a pretty large rent payment, I actually hope to buy a home that would have my mortgage payment be less than what I'm paying in rent. I fail to see how that is not helping myself.

To clarify, my questions are as follows. Will I have to wait 2 years post discharge to be able to get a home loan? Or are there cases where it can be done sooner? If not, I know there are cases where you can get an FHA loan while still in a 13. It doesn't make sense to me that a lender would approve a person still in a 13, but once discharged, make you wait 2 years. But if that's the case, I'm wondering if it would be to my advantage to begin the process before I'm discharged.

[niko]

you do not have to wait 2 years, that's for people like me who's house goes to foreclosure, but wait.. there is waiver now that just came out in August 15, 2013 for those who filed bankruptcy. For you, only requirement 12 successful payments while in 13. Check out falkon home loans, they are pretty good!