fha loan after bankruptcy discharge

REALIST NEWS - Filed for bankruptcy? You can get an FHA home loan after one year According to official FHA loan guidelines, you may be eligible for an FHA loan just 12 months after the discharge of a Chapter 7 bankruptcy if you can demonstrate that the bankruptcy was caused by circumstances beyond your control.

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Getting an FHA Loan Following Bankruptcy. The FHA allows for applicants to qualify for a loan after filing for chapter 13 bankruptcy 24 months later, contingent upon on-time payments in the past 12 months. A chapter 7 bankruptcy also brings about a waiting time of 24 months, following the discharge of debt, as long as the applicant has worked to re-establish their credit.

The FHA loan program normally states at least two years need to have passed after the bankruptcy discharge to qualify for a new loan. But recently introduced was FHA’s "Back to Work" program , which allows borrower to buy again just one year after bankruptcy.

FHA Loans After Bankruptcy. Yes, it is possible to get a home loan following a bankruptcy with an FHA mortgage loan. Some borrowers, including first-time home buyers, assume that after a Chapter 7 or Chapter 13 bankruptcy filing that it is impossible to get a new home loan. Others assume you must wait seven years or longer to apply for a new home loan.

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Getting an FHA Loan Following Bankruptcy. The FHA allows for applicants to qualify for a loan after filing for chapter 13 bankruptcy 24 months later, contingent upon on-time payments in the past 12 months. A chapter 7 bankruptcy also brings about a waiting time of 24 months, following the discharge of debt, as long as the applicant has worked to re-establish their credit.

FHA Bankruptcy Waiting Period At FHA Lenders, we are coming into contact with borrowers every day who have at one point filed for bankruptcy. Although FHA loans are easier to qualify for, the FHA guidelines do not allow borrowers to apply for an FHA loan too soon after a bankruptcy has been discharged.

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The use of an FHA loan requires a passage of two years since the discharge date of a chapter 7 bankruptcy. A chapter 13 bankruptcy may be acceptable after at least 12 months of an on time pay-back.

Post-Bankruptcy Guidelines. Chapter 7 bankruptcy. You’ll be eligible 24 months after the discharge or dismissal if the bankruptcy was beyond your control, or after 48 months if the discharge was due to financial mismanagement. Chapter 13 bankruptcy. You’ll need to wait 24 months after receiving your discharge,