FHA after bankruptcy

FHA after bankruptcy


FHA loans require a minimum 500 credit score to buy a house or refinance.

  • 203(b) FHA purchase program provides mortgages for home buyers  to purchase a principal residence with a low down payment and with lower credit standards.
  • 203(k) FHA purchase program is for the rehabilitation and repair of single family properties. Providing both the financing to purchase a property and the financing to make repair. The program offers an important tool for expanding home ownership opportunities.
  • HUD $100 down payment program for borrowers purchasing single-family HUD Real Estate Owned (REO). The program is limited to owner-occupant buyers who have not purchased a HUD REO property within the last 24 months.
  • Lease with option to buy mortgage. Lease with option to buy allows a renter to buy the property they are renting. A lease option mortgage allows for sellers credit.
  • Gift of equity mortgage loan. A gift of equity is a transfer of ownership of a property to a family member or someone. Gift of equity down payment and gift funds requirements.

First and foremost lenders will want to see that you have re-established your credit after the bankruptcy. Make sure that you do not miss any payments. If you are buying a home make sure you can provide documented rental history for 12 months.

Chapter 7 FHA after bankruptcy 

At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job.

Chapter 13 FHA after bankruptcy 

FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee's written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability.

What documentation will I need?

• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)



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FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA Streamline


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Minimum credit score needed

to buy a house or refinance


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FHA Loans

requires a minimum credit score of 500 to buy a home or refinance

500 credit score

VA Loans

requires a minimum credit score of 500 to buy a home or refinance

500 credit score

Fannie Mae

requires a minimum credit score of 620 to buy a home or refinance

620 credit score

USDA Loans

requires a minimum credit score of 580 to buy a home or refinance

580 credit score


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