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.
Pre-qualify for a loan in a few simple steps
Fill out your Secure Application
See what our clients are saying:
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 456114
www.nmlsconsumeraccess.org
480 Greenwich Avenue
Warwick, RI 02886
Phone: (401) 562-1251
mortgage-dept@wavefcu.org
Powered By LenderHomePage.com