Tag: Bankruptcy

Waiting Period After Bankruptcy When Home is Re-Affirmed

Question: If a client has a Chapter 7 Bankruptcy, but the house was re-affirmed and they kept the house, is the waiting period 2 years or 4 years? Derogatory Credit Chart Answer: Mortgage Currentcy has a great Derogatory Credit Chart which we are linking below. The agencies do not consider whether or not the home […]

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Freddie Mac- Multiple Selling Guide Updates – Bulletin 2019-11 – Dated June 5, 2019 – Effective Immediately

Written by: Lloyd Rutherford, Staff Writer This update includes some very important condo changes that could expand your business niche, so be sure to read through all of the details. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The […]

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FHA – Repeated Bankruptcy: If a client has a Chapter 7 in 2012 and a Chapter 13 that was recently dismissed due to withdraw, will FHA allow this? [Derogatory Credit Wait Periods – All Agencies – Chart]

Answer: The Chapter 7 wait period is well past, and FHA has no mandatory wait periods after a Chapter 13 dismissal, and does not discuss this event at all in their guidelines. That said, prudent underwriting would require a lot of scrutiny on the borrower’s payment history for the last 12-24 months as well as explanations regarding the borrower’s […]

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Fannie Mae Selling Guide Announcement SEL-2018-05 – Dated June 5, 2018 – NEW CHART-Manufactured Homes-All Agencies-UPDATED Chart-Condo Project Reference Chart-UPDATED MTPs™ Fannie Condo Project Approval Rules-Fannie Prohibited Condos, NEW MTP™ – Manufactured Homes Back in Fashion

By: Lloyd Rutherford, Staff Writer Manufactured Homes are becoming a strong and viable alternative in areas where prices have become unaffordable for many buyers.  The new options in this sector are looking pretty nice, and gone are many of the “old stigmas” about manufactured housing.  All originators should take a look at this update to […]

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FHA – Chapter 13 Bankruptcy: Is it possible to do an FHA loan for someone who is still paying on a Chapter 13?

Answer: FHA will allow a borrower who is still repaying a Chapter 13 to obtain a mortgage after they’ve completed at least 12 months of on-time payments and have the court’s permission to obtain the new mortgage. They do also require that the loan be manually underwritten, which means that the transaction will be subject […]

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