getting a mortgage after chapter 13 discharge

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For Chapter 7 bankruptcy, FHA and VA regulations require a two-year waiting period from the time of discharge (not the time of filing).Conventional loans require a four-year waiting period from the discharge date. Getting a FHA or VA loan after Chapter 13 bankruptcy is a little more complicated. If you have consistently made verified payments for one year, you can apply for a FHA loan.

If your credit improves after filing for Chapter 13 bankruptcy and you have equity in your home, you can explore the possibility of getting a home equity loan; however, make sure that it won’t affect your ability to make your Chapter 13 debt payments on time every time. If it does, then it’s not worth pursuing the loan.

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To get a mortgage after Chapter 13 bankruptcy, you’ll need to get permission from your bankruptcy trustee, the person who oversees your repayment plan to creditors. Types of Mortgage Loans to Consider After Bankruptcy. If you want to try to get a mortgage after bankruptcy, you can research a number of different types of loans.

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Chapter 13 bankruptcy. You’ll need to wait 24 months after receiving your discharge, or 48 months after a dismissal (cases often get dismissed for failing to complete a plan). Circumstances beyond your control often include divorce, illness, and sudden loss of income. Additional Requirements and Assistance

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In fact, a Chapter 13 bankruptcy discharge is even broader than a chapter 7 discharge because it wipes out certain debts that aren’t nondischargeable in chapter 7 bankruptcy. read on to learn more about which debts get discharged at the end of Chapter 13 bankruptcy .

Chapter 7 Bankruptcy. A chapter 7 bankruptcy is when you discharge your debts – meaning that you don’t pay them back if you qualify for this kind of bankruptcy. This type of bankruptcy does not disqualify you from obtaining an FHA mortgage. You can get an FHA loan in as little two years after filling a chapter 13 bankruptcy. Here are the.