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
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
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.
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
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 ]
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
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
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.