FHA Loan while in Chapter 13

Doing a loan while in Chapter 13 can be tricky. That is why you need an expert. Call us at Gustan Cho 800.900.8569 or send a text message for a faster response.

Hi my name is alex carlicchio with gus and show associates i want to talk to you today about fha loans while you’re in a chapter 13. now these loans can be tricky and there’s a lot of people out there trying to do these loans and they’re they don’t know what they’re doing they’re making mistakes and the customers are calling us and and um and they’re wondering

What’s going on with the process and i’m like oh my god they hacked it up so if you’re in a chapter 13 and you’re looking to buy a house or refinance your house you’ve got to call a specialist make sure you’ve talked to someone who’s done a lot of these i do tons of them our group here at gustin show our specialist that’s all we do that’s our bread and butter we

Don’t take one here and one there every couple years that’s what you’re experiencing out there if you’re if you’re in a chapter 13 you’re calling all these banks they’re starting to say yes when they used to say no just two months ago because they were too busy for you we were always saying yes to people like you and that’s our specialty what problems or mistakes

Are being made is they don’t know how to look at your payment history they don’t even know to ask for your chapter 13 payment history if you’re late on your chapter 13 payment history you could be disqualified automatically from the loan and you don’t know until you’re 2 000 or a thousand dollars already spent on the appraisal and the inspection and who knows

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What else you spent money on and now you can’t get it back because the loans denied or they didn’t package it up right and only show the last 24 months and they showed the whole history now the underwriter sees that you’re late three years ago when we only need 24 months of your of your history another thing that if you have a mortgage and it’s being protected

By 13 it’s not reporting and they just ask you a question you on time with your mortgage and you say yes you think you’ve made it past the the gate guard we haven’t i asked my clients and i said look i’m on your side this is going to be a csi investigation so don’t answer this question how i want to hear it because they’re going to find out the truth are you

Late on your mortgage if you say if you say yes to me i’ll say that there’s nothing i could do if you say no to the other person you’re going to go through the process and find out you can’t close and they don’t know how to ask you that question right they just go along they don’t know what they’re doing and they’re making mistakes so they’re very tricky loans

We specialize in here you have to understand that all we need is one year into the chapter 13. so you filed it it’s been 12 payments all those payments on time if you have a mortgage your mortgage payments on time if you have rent you have to have your rent on time anything since you follow that 13 better be perfect so if you kept a credit card or car out of

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The bankruptcy and that’s on your credit report that has to be on time no lates on anything since you followed the 13. that’s what the underwear wants to see then there’s certain debt to income ratios that you have to stay under um depending on all sorts of factors so a lot of loan officers are starting to do these and they don’t know all the low ins and outs

Another thing is you have to have compensating factors the easiest compensating factor is have money in the bank they don’t know to ask that question either they are missing all the important questions and they’re they’re putting people in peril and people are buying houses because they got a pre-approval letter and this loan officer it’s the second the chapter

13 loan he’s ever done in his life we do five to ten of these each a a month at our group if you call one of us you’re going to get a specialist that knows exactly what to do with you and that’s what you want it’s like if you got diagnosed with cancer and they’re going to do brain surgery on you would you go with the rookie or do you want the best doctor in the

Country that’s us we’re the best doctors for chapter 13 loans fha loan while under chapter 13 you better call gusting show if you want to call me i’ll distribute you to one of my specialists my phone number 630-915-7550 and please subscribe and please hit the like button you

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Transcribed from video
FHA Loan while in Chapter 13 By GCA – Mortgage Bankers