FHA Bankruptcy Guidelines 2016
FHA Bankruptcy Guidelines 2016
FHA loans allows refinance or purchase after bankruptcy. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA
FHA World - 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.
FHA World - 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.
A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk.
Apply now.
How to Qualify for FHA Down Payment Assistance?
KEYWORDS:FHA Bankruptcy Guidelines 2016, FHA Bankruptcy Guidelines Florida, FHA Bankruptcy Guidelines Florida, FHA Bankruptcy Guidelines Florida
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FHA Credit Score needed to buy
a house or refinance
FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Bankruptcy
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure
Foreclosure must have been resolved for at least 3 years
Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property
Short Sale
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
- W2's or Personal tax returns for 2 years
- Current pay stubs for the past month
- Bank statements for last 2 months (all pages)
- Clear copy of Driver’s License (front and back)
- Clear copy of SS card (front and back)
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