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[Debezz]

Hello

[shipo]

Hello, what's up?

[Debezz]

Hello, I was wondering what others experiences have been with refinancing after an immediate chapter 13 discharge. I want to refi my mortgage and will be finishing my payment plan this June

[justbroke]

Debezz it can be done but you'd have to find a lender that likes to do Chapter 13 refinances. The question will also be whether you're looking at a GSE refinance (Freddie Mac and Fannie Mae), FHA, other conventional, or jumbo. There are different requirements depending on the program. While a

• Fannie Mae and Freddie Mac (traditional conventional) has a 2-year wait.
• FHA has no wait for Chapter 13s but some banks distinguish between an active and a discharged Chapter 13 with the former being easier.
• Other conventional loan programs may be more difficult ("portfolio" loans and such).
• The current interest rates are likely going to be 6-7% or worse.
• A cash-out refinance with a Chapter 13 is possible but everything I ever read said "active" Chapter 13.
• Your mileage may vary.

The first thing to do is determine whether your current rate is not worth changing. If your current rate is below 6%, this may be a bad time (unless you're going to shorten the mortgage to 10-15 years... it might work). Then you'll need to find a lender that will do FHA Chapter 13s. I don't know of anyone that does conventional loans with a recent Chapter 13.

My information may not be 100% accurate but is based on when I was looking 2 years ago.

No matter what you do, please do not get an Adjustable Rate Mortgage (ARM) at this time! My brother did one back in 2022 when the rate was 4.5% and now he's at 5.5% and climbing every six months.