Mortgage odds in Ch 13 bankruptcy (a little long)

Credit and mortgage advice Forums Home Mortgage Mortgage odds in Ch 13 bankruptcy (a little long)

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 9 months ago.



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    Anonymous

    I am going to lay it all out..*

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    Family of 4, children 2 and 5.

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    Gross Income: $81k

    Length at Apartment: 36 months

    Length of employment: Me – 36 months, DH -27 months

    Recurring Monthly debt: $410

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    Okay. Here’s the issue. I am in Texas. I am 42 months into a Chapter 13 bankruptcy and we’ve been living in the same apartment almost the whole time I’ve been in it. I’m the only one in the bankruptcy as I filed before my husband and I married. When I filed I had an eviction from 2006 that still has a balance, but it’s supposed to be vacated by the judge. I don’t really know if that makes any difference. I bought and sold a house when I was 20 so I am kind of familiar with the process. I know that my bankruptcy is going to automatically push me into manual underwriting. I just want to know what you guys (maybe Shane) think of my chances of being approved for a loan in 6 months.

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    Our lease in our crap-hole apartment is up on the 31st of September and we are trying to decide if we should renew for 6 months at $700 a month and then buy or rent a house for $1400 and forget about buying for a few years. I REALLY want to buy. If we stay, we can easily save $1k to $1.5k a month for a total of $6-9k in the end. I want a 15 year FHA mortgage. We are going to keep the loan at under $140k.

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    I would be applying for this loan alone. DH has had some issues and we are trying to clear them up but they are going to take some time and we want to go forward within 6 months. My middle score is 626 now, but I think that I have enough alternate credit that I could come up with something. EXCELLENT payment history for my Ch. 13 BK which is being paid at 100% and this is why I can save my disposable income. Excellent payment history in apartment as well.*

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    I bank with a small credit union that did approve me for a car note last year (that I didn’t end up needing to take, so I didn’t take it) of $17k (that’s all I asked for) so long as I had trustee approval.

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    What do you guys think?

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