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Real Estate Home Mortgages/fha loan while in bankruptcy.
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Question
QUESTION: I read your response to another question about this and I am hearing a different story from lenders I have asked. I im in achapter 13 with a good payment history. I was told the VA will not guarentee a loan while in chapter 13 and that the bankruptcy had to be paid down 75% for a FHA loan. What is the real scoop? I would appreciate any helpful links or company names that you know to be reputable. We are tired of paying rent and out situation that caused the bankruptcy is 100% better. thanks for your time.
ANSWER: Albert
FHA will allow a borrower to obtain a loan with court approval. You will have to show a good pay history in the BK. I would also recommend that they payment stay within the same amount that you are paying now. I think you will need to do a letter to the court on why you can and think you should be a homeowner. There are several lenders out there that just dont want to take the time to help people in a chapter 13, so they tell consumers false information. I do know you have to have at least 12 payments on your bk. What state are you in? Then I can recommend a company for you. I am in the midwest and I can possibly help you. As for VA, I have someone I send my VA loans too and I can find out for you. Are you a veteran?
If you are not in my lending area I will still help you to make sure you are getting the best deal. I have a pet peeve with lenders charging too much for buying a home.
Hope that helps
Stacy
---------- FOLLOW-UP ----------
QUESTION: Very helpful, thank you!!! I live in mississippi and I am a veteran.
Albert
The following information is the person I refer all my VA loans too. Her name is Tina Feldhiem. 913-387-5500.Tina works for the First Bank of Kansas City. She is well versed in VA and can help and answer all your questions. She can also lend in your state. I would like to be able to help you however the bank I am employed with does not do VA loans.
If you need anything else please let me know. Make sure you tell Tina I sent you.
Thanks
Stacy
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Answers by Expert:
Stacy
Expertise
I can provide answers for Conventional, FHA and VA Mortgages. I can provide information about brokers and bankers. Answers to fees and what is considered excessive. Respa and Compliance. I am currently a Government underwriter and a loan officer. I believe Knowledge is KEY to any homebuyer or homeowner. I have recently found that some lenders dont understand borrowers in chapter 13 bankruptcy. I have the knowledge to help borrowers in need
Experience
I have been in the mortgage field for 17 years. I have worked for title companies, Mortgage lenders and Banks. I have assisted organizations and lenders traning for Government loans. I am a current Direct Endorsement Underwriter for FHA
Education/Credentials
No College Degree, However in the Mortgage Industry you learn by doing. I have a to be able to look myself in the mirror and know what I have been doing is right for the consumer.
Awards and Honors
President Award for Corporations
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