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Financing in Cooper City : Real Estate Advice

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Activity 1
Tue Jan 8, 2013
Al Akerman answered:
What type of bankrupcy? The following are basic guidlines for an FHA loan following a bankrupcy:

If it was a Chapter 7 you would need to wait two years from the date of the discharge.

If it was a Chapter 13, you would need to provide proof that you have been making all court appointed payments for a minimum of a 12 month period. You would also need to get written approval from the trustee to go ahead with a mortgage for any bank to even start on your file.

In either case (Chapter 7 or 13) you would have to have reestablished good credit, have a good job stability and have a good explanation as to why you had a bankrupcy-including why you think it won't happen again.

I hope this helps.
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