FHA loans after bankruptcy 2016

FHA loans after bankruptcy 2016


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 your you can provide documented rental history for 12 months.

Chapter 7 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 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.

Extenuating circumstances

August 15, 2013 - New FHA loan requirements borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.

Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.

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KEYWORDS: FHA loans after bankruptcy 2016 Florida,

Minimum credit score needed

to buy a house or refinance


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FHA

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

500 credit score

VA

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

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

580 credit score


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