If I've Had a Bankruptcy in Recent Years, Can I Get a FHA Loan?
Yes, generally a bankruptcy won’t preclude a borrower from obtaining a FHA Loan. Ideally, a borrower should have re-established their credit with a minimum of two credit accounts such as a car loan, or credit card. Then wait two years since the discharge of a Chapter 7 bankruptcy, or have a minimum of one year of repayment for a Chapter 13 (the borrower must seek the permission of the courts). Also, the borrower should not have any credit issues like late payments, collections, or credit charge-offs since the bankruptcy. Special exceptions can be made if a borrower has suffered through extenuating circumstances like surviving a serious medical condition, and had to declare bankruptcy because the high medical bills couldn't be paid.
About Us
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1075801
www.nmlsconsumeraccess.org
Contact Us
43060 Running Deer Drive
Coarsegold, CA 93614
Phone: 1-800-519-7305
ahaider@americanfinancial1.com
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