FHA loan rules in HUD 4000.1 address this issue with separate entries for Chapter 7 and Chapter 13. According to the FHA loan rule book, Chapter 7 requires the lender to observe the following: "A Chapter 7 bankruptcy (liquidation) does not disqualify a Borrower from obtaining an FHA-insured Mortgage if, at the time of case number assignment.
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· New FHA Loan – After Chapter 13 Discharge. Asked by Rob H, Bethesda, MD Sat Aug 25, 2012. I understand the FHA rules require two years (post-discharge) for a Chapter 7 filer to apply for a loan. However, for a Chapter 13 filer one year of on-time payments is required and the court’s permission to enter a new loan.
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chapter 13 bankruptcy FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee’s written approval will also be needed in order to proceed with the loan.
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CHAPTER 13 BANKRUPTCY WAITING periods fha rules allow a lender to consider approving an FHA loan application from a borrower who is still paying on a Chapter 13 Bankruptcy-but only if those payments have been made and verified for a period of at least one year.
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· Qualifying for a mortgage with a Chapter 13 bankruptcy. FHA, VA and USDA (Rural Housing) lending programs do approve borrowers who are in a court-supervised payment plan. In addition, some alternative mortgage programs (called Non-QM, Alt-A or Non-Prime) offer home loans to people in Chapter 13 plans.
If you have gone through a foreclosure, you might qualify for a new FHA mortgage loan after waiting three years.After a Chapter 7 bankruptcy, the waiting period is generally two years.If you file for Chapter 13 bankruptcy, you might be able to get a new FHA mortgage before you complete the plan.Read on to learn more.
The Federal Housing Administration (FHA), an organizational unit within. the program are contained in 24 CFR 206. Handbooks guidelines are in 4235.1 REV-1; 4330.2 REV-1&2; 4330.1 REV-5, Chapter 13;.