refinance after chapter 13 discharge

Wait Out the Seasoning Period. Conventional lenders have a "seasoning" or wait period of two years from the date you get your Chapter 13 discharge papers. The FHA and VA consider your loan application as early as one day after discharge and even during the bankruptcy, as long as you have made your plan repayments on time for at least 12 months.

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Qualifying for a Conventional Loan After chapter 13 bankruptcy discharge is no problem for home buyers needing a conventional loan: However, Fannie Mae and freddie mac guidelines state that there is a two year mandatory waiting period after the Chapter 13 Bankruptcy discharged date

Many assume that after filing for a bankruptcy (chapter 7 or chapter 13) that you can not get a mortgage for at least 2-3 years after it is discharged. While this is the case with most banks and mortgage companies, there are some non-prime lenders that do not have these sort of waiting periods (also known as "seasoning requirements").

Refi with HARP immediately after Chapter 13 Bankruptcy Discharge. The lenders who lend will usually have their own set of rules above and beyond what HARP or Fannie Mae/Freddie Mac require.. Although FNMA says 2 years, HARP rules change to no waiting period, you still need a bank that will allow it..

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According to Freddie Mac’s guidelines, the "waiting period" for reestablishment of credit after a Chapter 13 bankruptcy is 48 months from the dismissal date, but this period is only in effect if the bankruptcy was "caused by financial mismanagement."

Tips on Refinancing After Chapter 13 Discharge. The refinancing lender you are applying to considers your bankruptcy when deciding whether to approve your application, and the bankruptcy may impact the offered interest rate. A Chapter 13 bankruptcy allows you to develop a payment plan over a three- to five-year period of time to get out of debt.

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You’d be eligible 24 months after the discharge or dismissal if the bankruptcy were beyond your control, or after 48 months if the discharge was due to financial mismanagement. Chapter 13 bankruptcy. You’ll need to wait 24 months after receiving your discharge, or 48 months after a dismissal (cases often get dismissed for failing to complete.

FHA and VA will consider you after 12 months of ON TIME chapter 13 payments. So if you have discharged you should be ok to refinance.:) rswarre1954’s response was: