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robert tondre Asked:

im two years in a chapter 13 bankrupcy i have one year to go i want to buy a house california morg is trying to get me approved. but every lender is turning me down i missed a payment about 15 months ago. so i have 15 months of clean payment credit score is about 640 is it possible to get a lender to take me.i make about 54000 a year [Modesto CA]



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Answer Provided by: Reggie Valdez [05/19/2009]

On a FHA loan the requirement is at least 12 months of current payments to the trustee. you would have to get court approval to purchase a home. Below are the actual bank guidlines for you records. Can remain open with at least 1 full year of documented repayment history reflecting no late payments - all payments “As agreed” and a letter from the court/counseling agency to enter into the new mortgage transaction. Let me know if I can be of any assitance to you.. Thank You Reggie Valdez