My husband and I are recently discharged from a Chapter 13, 5 year repayment plan. We are interested in finding out the odds of being able to get a mortgage in the next year or so. Here’s our story:
Me: 687 / 711 / 690
Him: 687 / 695 / 688
Me: $ 105k (+ a 10% annual bonus)
Him: $ 85k
I’ve been at my job for 15 years and he has been at his for 11 years. We both receive W2s and are current on all tax filings and payments.
I have 2 negative Chase accounts, 3 negative student loans, and 2 car notes with negative indicators (both were PIF, one in the BK and the other outside of it). All negatives are 5 years old. I also have the public record for the BK which was filed in 2010.
He has 2 negative CC accounts and the same 2 car notes with negative indicators. He also has a satisfied CA state tax lien and satisfied judgement that were IIB along with the BK public record. Interestingly, Discover is not showing in his account history any longer even though they were the judgement creditor.
We also had a foreclosure 7 years ago, but it is off our reports now. All baddies were IIB and have aged 5+ years.
I have 4 student loans through Nelnet, all current. Payment on all is around $ 250/month. I also have a secured card through Applied Bank with a $ 250 limit that was opened in 2011 with trustee approval. All payments have been made on time and the balance is $ 0. I am an AU on his Navy Federal card (see below for details). No inquiries are showing.
He has a NFCU NRewards card with a minimum payment of $ 30/month. Started as $ 500 secured with trustee approval but graduated to unsecured. Since that time, we have received a CLI to $ 20k. He is also an AU on the Applied Bank card. He has no open installment accounts and the last report shows no inquiries (although the CLI request for NFCU may have been a HP).
We can pull together around $ 100k for the down payment/closing costs.
We are interested in a jumbo portfolio loan as we have not met the seasoning period required for conventional and the FHA limits + our down payment will not get us a home in the area we want. We are currently renting, and have been for over 7 years. We can show on time rent payments for that time. We are hoping to purchase a single family home for around $ 575k, which we will occupy.
Since we are NFCU members, we would love to go through them but I have read in the forum that they are a more conservative lender. Does anyone have experience qualifying for a portfolio loan within a year of a BK 13 discharge? Do we have any hope, or should we plan to wait for 2 years to qualify for conventional?
Our backup plan is to try to get a loan to replace an aging car in the interim, which would also add an installment loan to his portfolio. I also know that I need to ditch the Applied card and open a couple cards in my name and he should probably add one more, too. We just didn’t want to make any moves in that direction until we were sure that we couldn’t qualify for a mortgage, as the home is #1 priority.
Thanks in advance!