justaddwater Posted February 11 Thank You in advance for any and all assistance. My wife and I have not owned a home for 15 years. I have been irresponsible with credit, but have recently made huge progress. All my scores are in the mid 600+, and my income is fantastic. The only thing negative on my reports is a Chapter 13 filing 2 years ago in Feb. I have applied for a mortgage and was told that I can't get approved until the filing is at least 4 years old. I can't wait 2 years to buy a home. If anyone has any advice or has knowledge on this subject, I'd be greatly appreciative. Share this post Link to post Share on other sites
cv91915 Posted February 12 (edited) Similar line of conversation going on in this thread: FHA and VA have really low approval standards. FHA can be horrifically expensive with a low down payment due to the shockingly high default rate. The MIP you will be required to pay will go to subsidize others who took out a similarly risky mortgage but were not as prepared as you (hopefully) are. Not sure if VA has similar costs/risks. BTW, if you haven't owned a home for 15 years, why is it impossible to wait two more? Edited February 12 by cv91915 1 justaddwater reacted to this Share this post Link to post Share on other sites
justaddwater Posted February 12 Thanks for your reply. I am in a great position for sure, in terms of affording and maintaining a new mortgage. The main reason I cannot wait for 2 more years is the situation we are in with our house. We are trying to buy the house we live in and have lived in for 8 years. My family friend bought our house with cash and needs to get his money out. So, of course, we can sell it (we have $100k in equity) and rent somewhere. It's just a difficult scenario for a family, hence the effort to get a mortgage. I just didn't realize that my Chapter 13 filing/dismissal would be that damaging. It's literally better to have your debts discharged. Share this post Link to post Share on other sites
IndyPoolPlayer Posted February 12 BTW - deleting the BK13 dismissals from your CRs won't help unless you want to go to the hoosegow for mortgage fraud. You still must disclose the BKs even if they do not appear on your CRs. Share this post Link to post Share on other sites
VAloanMaster Posted Thursday at 09:34 PM As long as you have made your payments on time to the trustee & you have the trustee's approval, you can be eligible for an FHA or VA loan 12 months into the bankruptcy. If your bk was dismissed & not discharged, the wait period is longer. Share this post Link to post Share on other sites
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