LEASING TO OWN

coolchild22 profile photo

IT IT TRUE IF YOU BEEN IN A CHAPTER-13 PLAN IN ORDOR TO BUY A HOME YOU GOT TO GO 2 TO FOUR YEARS BEFORE BUYING

Comments(5)

  • jminge29th December, 2009

    According to FannieMae guidelines you must wait 4 years from the discharge or dismissal date.

    Fannie Mae guidelines can be found here:
    https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

  • finniganps29th December, 2009

    Sounds like a good rule to me...I think it should be more like 7 unless it was for medical bills.[ Edited by finniganps on Date 12/29/2009 ]

  • cwal1st January, 2010

    whether it be chapter 13 or chapter 11 they both have wide ranges of repayment that can run from $.10 to 100% on the dollar over a 3-5 yr period...to those that choose to do the right thing (100% repayment) they apparently get no credit for it...and are painted with the same broad deadbeat brush...makes you wonder about the fairness of the system and the ineptness of the lawmakers in Washington in not making provisions for that...regards, CWal

  • coolchild221st January, 2010

    thanks for kinds word,as of dec 2010 the bk-13 will be offer our credit report our bank wachhovia said they would give us a loan to buy this house we need to get the scores up to 650

  • ArDee20th January, 2010

    Best find an experienced loan officer. Depending which loan program you choose, FHA/VA or Conv., guidelines differ. As long as you are able to show that your BK was due to hardship beyond your control, and the rest of your credit and income are ok - min fico and your debt to income ratio, 2-4 yrs should do it. Again, check with an experienced rep.

Add Comment

Login To Comment