Below are the FHA requirements after a Chapter 7 bankruptcy. Unless there is more to the story that you are not stating then you should be able to qualify for a new FHA loan. Also at this time you are also eligible to qualify for a Conventional loan. A conventional loan will require slightly more down (5% instead of FHAs 3.5%) which may be a money saving option for you. Feel free to reach out to me with any questions or if you would like assistance in getting your financing for your new home set up.
Debts are discharged through BK, client does not pay any debts owing
• 2 years from date of discharge with re-established credit paid as agreed or no
new credit obligations incurred.
• Less than 2 years, but not less than 12 months from date of discharge may be
acceptable if the bankruptcy was caused by acceptable extenuating
circumstances and borrower has since exhibited a documented ability to
manage affairs in a responsible manner.... more