+2 votes
asked in FHA Loans by
I just got my Chapter 13 Bankruptcy discharged on May 18, 2018 after a 60 months of on time payments and flying colors. My credit scores are in the upper 600's with no late payments throughout my entire Chapter 13 Repayment process.  I have $30,000 to put down on a home purchase in Los Angeles County California.  Prices on homes I want to purchase are around $550,000 to $650,000. I am a W2 income wage earner. I have been a fan of Gustan Cho Associates for over 2 years and read the almost every single blog Mr. Gustan Cho has written about FHA loans and Chapter 13 Bankruptcy so Gustan Cho Associates has educated my wife and I so you can call us experts on qualifying for FHA LOANS and Bankruptcy Guidelines.  Mr. Cho's website has answered more questions than any bankruptcy attorneys as well as other loan officers.  My question to the experts at Gustan Cho Associates is can I qualify for FHA loan with a manual Underwrite on W2 income only mortgage FHA loan? Since I don't have a 2 year seasoning after my Chapter 13 Bankruptcy my file needs to be a manual Underwrite.  I cannot find any blogs in qualifying for FHA W2 INCOME ONLY MORTGAGE on a manual Underwrite. I am planning on applying for a FHA W2 INCOME ONLY mortgage with Gustan Cho Associates in the coming weeks. I also want to thank the staff of Gustan Cho Associates for having such an informative informational thorough website.  AMAZING website with tons of valuable information, data, news, and resources.

1 Answer

+1 vote
answered by (20.1k points)

Thank you for being a loyal follower to our website! We will be able to help you with a W2 only mortgage with manual underwriting. Do you file other income besides your W2 income to the IRS? The manual underwrite will verify your on time payments to the trustee, that should not be an issue based on the information above. By the sounds of it, your manual underwrite should be very clean. I am Mike Gracz from the Gustan Cho Associates. Contact me on 630-659-7644 or send an email to mgracz@gustancho.com, and we can go over specifics before you apply! Look forward to hearing from you.

commented by
Thank you for the prompt quick response to my question Mike. I also read that I cannot have credit disputes. I have a bunch of them right now with Lexington Law. Do you suggest that I get those removed and contact you then to apply or should I apply now?
commented by (20.1k points)
You will want to get those removed. That will hold up the process. Unless they are medical disputes. Please see:

https://gustancho.com/how-to-remove-credit-disputes

You can call me to go over specifics.  Disputes are a PAIN to have removed. Lexington Law should be able to help you remove the accounts. Since you are applying soon, you may want to ask them how long until you have the results of the disputes, and ask them not to dispute anything further.
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