Financing in Miramar>Question Details

Steven T Bro…, Home Buyer in Hollywood, FL

can you get a FHA loan on a home after filing bankruptcy?

Asked by Steven T Brown, Hollywood, FL Sat Feb 26, 2011

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9
Recent changes that just took affect allow FHA loans after 12 months. If you are still loooking to by a house please call me 239-471-9829. It only takes a few minutes to know for sure if you can or can not qualify.

I am avaialble until 10:00 every night.
0 votes Thank Flag Link Tue Aug 27, 2013
There is a site that will help you determine if you can qualify for a refinance after short sale, foreclosure, or filing bankruptcy. Check out http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sun Aug 11, 2013
You received good advice from my colleagues, i would advice you to visit a Banker specialist near you, for further assistance.
0 votes Thank Flag Link Sun May 29, 2011
Actual, Non-Made-Up Guidelines for Bankruptcy:
Note that on a Chapter 7 you may be eligible after 1 year and that there is no such 7 year waiting period on conventional loans.

FHA
A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from
obtaining an FHA-insured mortgage if at least two years have elapsed since
the date of the discharge of the bankruptcy. During this time, the borrower
must have
• re-established good credit, or
• chosen not to incur new credit obligations.
An elapsed period of less than two years, but not less than 12 months, may be
acceptable for an FHA-insured mortgage, if the borrower
• can show that the bankruptcy was caused by extenuating circumstances
beyond his/her control, and
• has since exhibited a documented ability to manage his/her financial affairs
in a responsible manner.
_____________________________

FHA
A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an
FHA-insured mortgage, provided that the lender documents that
• one year of the pay-out period under the bankruptcy has elapsed
• the borrower’s payment performance has been satisfactory and all required
payments have been made on time, and
• the borrower has received written permission from bankruptcy court to enter
into the mortgage transaction.

TOTAL Scorecard Accept/Approve Recommendation
Lender documentation must show two years from the discharge date of a
Chapter 13 bankruptcy. If the Chapter 13 bankruptcy has not been discharged
for a minimum period of two years, the loan must be downgraded to a Refer
and evaluated by a Direct Endorsement (DE) underwriter.

___________________________

Conforming
Bankruptcy (Chapter 7 or Chapter 11)
A four-year waiting period is required, measured from the discharge or dismissal date of the
bankruptcy action.
Exceptions for Extenuating Circumstances
A two-year waiting period is permitted if extenuating circumstances can be documented, and is
measured from the discharge or dismissal date of the bankruptcy action.
___________________________________

Conforming
Bankruptcy (Chapter 13)
A distinction is made between Chapter 13 bankruptcies that were discharged and those that
were dismissed. The waiting period required for Chapter 13 bankruptcy actions is measured as
follows:
• two years from the discharge date, or
• four years from the dismissal date.
The shorter waiting period based on the discharge date recognizes that borrowers have already
met a portion of the waiting period within the time needed for the successful completion of a
Chapter 13 plan and subsequent discharge.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Sat May 28, 2011
Yes, Charl is right. 2 years after the discharge date after a chapter 7 bankruptcy & 3 years if a you went through a foreclosure.

conventional loans would take up to 7 years to become eligible again after Ch. 7 BK..

Hope this helps
0 votes Thank Flag Link Sat May 28, 2011
Yes, and here are the circumstances: If there was no foreclosure, then after 2 years, you can get an FHA loan. If you had a foreclosure, it will take 3 years before you can qualify, provided you have good credit. Hope this helps.
0 votes Thank Flag Link Sat May 28, 2011
I would suggest that you talk with a local banker and attorney. You will need to learn what the best plan for you, would be.
0 votes Thank Flag Link Sun Feb 27, 2011
the system is more flesible at this time, many people are in your situation, yes you can buy with an FHA, but be well assisted by a professional mortgage
0 votes Thank Flag Link Sun Feb 27, 2011
Yes 2 years from discharge, I have many other progams also such as Homepath with 3% down and other closing cost and down paymnet assistance programs.

Please visit our website below
0 votes Thank Flag Link Sun Feb 27, 2011
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