Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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@Peter.gun , what brand of wine do you recommend from the liquor store?
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Gorgeous 😍 😍 😍. My friend Steven is looking for a German Shepherd, Cindy. Hes a member of our forum but lives in Connecticut. Is this pup available? @Steve
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Good choice. I think I will start taking tea also. Sounds great during cold winters.
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Good choice. I think I will start taking tea also. Sounds great during cold winters.
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Here’s Chase. He’s so funny and always tries to pull a fast one. And gets away with it. 😆
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Steve @Steve here are some of my babies
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Purchasing a house while in an active Chapter 13 Bankruptcy repayment plan is possible. From what I know, FHA loans and VA loans are the only two mortgage loan programs that allow for mortgage loan approvals on purchase loans and refinance loans while in repayment plan. Non-QM lenders will not approve non-QM loans while in an active Chapter 13 Bankruptcy. Homeowners in a Chapter 13 Bankruptcy can buyout the Chapter 13 early with a cash-out refinance on VA or FHA loans with the exception in Texas. You cannot do cash-out refinance loans on government-back mortgage loans in Texas. Getting a VA or FHA loan can be done with a manual underwrite and it comes with certain conditions and requirements. Here’s a breakdown of what you need to know:
Buying a House During Chapter 13 Bankruptcy:
- Government-Backed Loans: FHA, and VA loans may allow you to apply for a mortgage as early as one year into your Chapter 13 repayment plan, provided you’ve made your payments on time.
- Court Approval: You must obtain permission from the bankruptcy court to take on new debt, such as a mortgage.
- Lender Approval: Some mortgage lenders may approve your loan application while you’re in a Chapter 13 repayment plan, especially if you’ve demonstrated a commitment to repaying your debts.
Impact on Mortgage Eligibility:
- Filing for Chapter 13 Bankruptcy does not disqualify you from obtaining an FHA-insured mortgage if at least 12 months of the pay-out period under the bankruptcy has elapsed and you’ve made all your payments on time.
- Lenders will need to see that you’ve taken meaningful steps to improve your credit and debt management before approving you for a home loan.
Waiting Period After Chapter 13 Discharge:
- FHA, and VA oans: There’s no waiting period after discharge if you meet the loan requirements.
- Conventional Loans: A two-year waiting period after discharge iof the Chapter 13 Bankruptcy is required.
FHA and VA Loan Eligibility During Chapter 13:
- You can become eligible for an FHA or VA loan after making at least 12 months of on-time payments within your Chapter 13 plan.
- You’ll also need permission from the bankruptcy court to obtain the mortgage.
It’s important to consult with a financial advisor or a bankruptcy attorney to understand how these options apply to your specific situation and to ensure that any new debts incurred do not interfere with your repayment plan or your ability to discharge the debt when the bankruptcy is completed. Remember, each lender may have their own additional requirements or waiting periods, so it’s crucial to shop around and discuss your situation with potential lenders.
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Got it. I will take couple of tylenol before drinking wine. I love red wine. I do not like it too sweet. Easy to drink but the headaches is a weird headache that I do not care for.
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Beautiful. How old?
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