Gustan Cho Associates's video: Chapter 13 Bankruptcy Loans

1. FHA loan under Chapter 13 Bankruptcy Payment Plan * Borrowers may qualify for both FHA loans under the Chapter 13 Repayment Plan in the event of bankruptcy. - Must be in Chapter 13 Repayment for at least 12 months with timely payments - You need trustee approval - Must be a manual guarantee - You must have a credit rating of 580 or greater to receive a 3.5% home loan advance - For a credit rating below 580, a 10% advance payment is required 2. HUD guidelines and lender overlays * Not all lenders have the same mortgage guidelines for FHA loans. All lenders must meet the HUD minimum guidelines for FHA loans. However, lenders may have higher credit requirements that go beyond the HUD's minimum mortgage agency guidelines. These higher credit requirements imposed by lenders are called lender limits. - Reason why many lenders do not accept borrowers under chapter 13 bankruptcy unless they fail to meet the two-year waiting period - If the Chapter 13 waiver of bankruptcy has been suspended for two years, the borrower may be approved / qualified for an automatic guarantee - Under HUD guidelines, eligibility for an FHA loan during and / or after Chapter 13 is absolutely not true - The reason so many lenders turn down to borrowers who apply for an FHA during and / or after Chapter 13 is because they have their own set of loan guidelines known as lender overlays - FHA mortgage lender overlays are loan requirements that go beyond the minimum HUD guidelines set by each mortgage lender Read more https://gustancho.com/fha-loan-chapter-13-bankruptcy-discharge * You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for a faster response. Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays. * CHECK IF YOU QUALIFY: www.gustancho.com/fast-quote ***** Follow me ***** on Social Media 1. https://www.facebook.com/TheGustanChoTeam/ 2. https://www.facebook.com/alexcarlucciMortgage/ 3. https://www.instagram.com/gustanchoas... Be sure to subscribe for more: https://www.youtube.com/c/GustanChoAssociates ALEX CARLUCCI - SVP Mortgage Banker, NMLS # 229891 ALEX STATE LICENSES: - Alabama - Colorado - 100511536 - Florida - LO40799 - Illinois - 031.0026265 - Indiana - 38913 - Michigan - 229891 - Mississippi - Pennsylvania - 72654 - Tennessee - 200345 COMPANY ALL-STATE LICENSES: - Alabama, California, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, New Jersey, Pennsylvania, Tennessee, Texas , Ohio All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Loan Cabin, Inc. and GCA does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Loan Cabin, Inc.. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Copyright © 2021 - Gustan Cho Associates NMLS 873293, DBA of Loan Cabin Inc. NMLS 165732 Address: 1910 S Highland Ave, Suite 300 Lombard, IL 60148