It's exciting that you can apply for a FHA loan in California only two years after a Chapter 7 bankrupcty and one year after a Chapter 13 bankrupcty. Below are some of the main points to consider when plannig to get a FHA loan after bankruptcy in California:
- FHA loan requirements need you to re-establish your credit and have open and active lines of credit paid on time
- Make sure you do NOT have ANY late payments or derogatory credit items after bankruptcy
- The date to begin counting the time period to apply for a FHA loan is the bankruptcy discharge date, not the file date.
- FHA guidelines for a getting a FHA loan after a Chapter 13 bankuptcy require you to have one year of on time payments and permission from the court.
- If you had a mortgage included in the bankruptcy you will have to wait THREE years from the date the deed to the property in the foreclosure transfered out of your name. Email or call us if you want us to look up this date