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     | Friday, April 13, 2001 - 01:29 pm  Could some one please give me a straight answer on this question? FHA guideline states only about being in the Ch13 & being eligable for an FHA after one year of payments. I know CH 7 you must be out of it for 2 years. We are applying for FHA construction loan: Filed ch 13 3/99, discharged 12/99 due to settling everything. Clean credit for 2 years. Is there a Discharged CH 13 time requirment or does this not apply for Ch 13????
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| | Friday, April 13, 2001 - 03:16 pm It's my understanding that the 13 is treated from the filing date. Not 100% sure though but will check on monday. Here's the other issues that an U/W wil mull over. 1) Amount of down, was it saved or a give? 2) Debt Ratios, front and back or as other say top and bottom. 3) Amount of increase in housing payment from current housing payment. 4) Current credit score/credit history 5) Reason for BK and likely hood borrower could get back into trouble. 6) job time at current employer 7) Anything else that strike their fancy. Basically it has to make sense. The one thing that they won't look at as what the house would be worth when done. This is irrelevent to the transaction as the loan is based on money into the deal/cost of construction + lot. I'm not trying to negative, but I think your chances right now to make this work are fairly slim. I'm not saying it can't be done, but it will take alot of work. I will try and remember to get the answer for you on your question on Monday.
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| | Friday, April 13, 2001 - 03:48 pm Thanks Don, Someone emailed me that I would have to get permission from the trustee. Which didn't make sense since she was also discharged from our BK 1 1/2 years ago. Just a quick to answer your above: 1)saved 3% 2)No debt 3)same house payment as we have now 4)credit score is not suppose to effect FHA, but mine equifax 751, experian & TU 560. Husbands all three 560. 5)Bk due to failed buisness. Have 9-5 jobs now 6)2 1/4 years at current job, 15 years experiance 7)I am sure they will think of something  Is sweat equity & all ready purchased materials play any effect? (Why cost of construction & apprasial value so different.) Thanks for checking for me.
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| | Monday, April 16, 2001 - 04:21 pm I knew I forgot to do something today. Moving my office and couldn't find my notes. Note to self---find other notes!!! The person who said check with the Trustee obviously didn't know what they were talking about. 4) yes credit score is not one of their criteria but it does play a factor as recent lates generally mean lower scores. Will check Tues. If you send me an email at don@aimloans.com I will email you back Tues when I get my response. Thanks
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