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1. HUD Chapter 13 Guidelines And Requirements On FHA Home Loans
Many mortgage borrowers have been told they cannot qualify for FHA Loans during Chapter 13 Bankruptcy repayment plan.

Many have been told they need to wait 2 years after Chapter 13 discharge date
This is not correct
Per HUD Chapter 13 Guidelines, borrowers can qualify for both purchase and refinance FHA mortgages during Chapter 13 Bankruptcy repayment plan without being discharged
The bankruptcy trustee needs to approve the transaction
Most trustees will approve a home purchase and/or refinance transaction during the Chapter 13 Repayment plan
They why do lenders refuse to accept borrowers during Chapter 13 repayment plan?
Why do lenders turn away borrowers after Chapter 13 discharge?
The answer is due to lender overlays
We will discuss what lender overlays are versus HUD Chapter 13 Guidelines on FHA Loans in this article

2. HUD Chapter 13 Guidelines And Requirements
Below are the HUD Chapter 13 Guidelines And Requirements on FHA loans:

Borrowers during Chapter 13 repayment plan needs to have made 12 timely payments to the Bankruptcy Courts in order to qualify
The bankruptcy does not have to discharged
Trustee approval required
Needs to be manual underwrite
Most trustees will allow and sign off on a home purchase and/or refinance during Chapter 13 repayment
There is no waiting period after Chapter 13 discharged date
Any Chapter 13 without a two-year seasoning needs to be manually underwritten
Verification of rent is required on manual underwrites
Gustan Cho Associates will exempt borrowers without verification of rent to qualify for manual underwriting if they are living with family rent-free
Debt to income ratios depends on compensating factors

In the next paragraph, we will cover and discuss the importance of compensating factors for manual underwriting borrowers with high debt to income ratios.

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