FHA after bankruptcy - 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 or refinancing make sure you can provide the bankruptcy discharge paperwork.
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 credit and have a minimum 500 credit score.
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.
Credit Score - FHA loans require a minimum 500 credit score to buy a house or refinance.
Call us 888-958-5382
We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.
We look forward to working with you.
Jan 25, 23 08:17 AM
Jan 25, 23 08:16 AM
Jan 25, 23 07:33 AM