When you filed for a bankruptcy, it was most likely a Chapter 7 or Chapter 13. A Chapter 13 will stay. You may be able to qualify for an FHA or VA loan now since the waiting period is two years.
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As with Chapter 13 bankruptcy, FHA regulations demand a full explanation to be submitted with the FHA home loan application. To get a new fha insured mortgage loan after Chapter 7, the borrower must qualify financially, establish a history of good credit in the wake of the filing of the Chapter 7, and meet other FHA requirements.
Congratulations! You have received your bankruptcy discharge at the end of your Chapter 7 or Chapter 13 case. You are anxious to get a fresh start, but what should you do next? . . . Read More: The Bankruptcy Discharge And Beyond: What To Do After Your Bankruptcy
FHA loan after Chapter 13 dismissal. Anonymous. Posted on: 13th Nov, 2007 02:46 pm. hello, i was a home owner for 11 years, and like others, ran into some financial problems.
The FHA can insure a loan for a borrower after a Chapter 13 discharge if at least two years have elapsed, the borrower has re-established good credit and made all payments on time since the discharge date. The same two-year seasoning rule applies to a Chapter 13 dismissal, as of the date it was dismissed.
I understand the FHA rules require two years (post-discharge) for a Chapter 7 filer to apply for a loan. However, for a Chapter 13 filer one year of on-time payments is required and the court’s permission to enter a new loan. So once a Chapter 13 filer has received a discharge (typically 3-5 years after filing) there should be no waiting period.
In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job. FHA After Chapter 13 bankruptcy similarly FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year.
Best Mortgage Loan For First Time Buyer First-time buyers might be cash-strapped in this environment of rising home prices and higher mortgage rates. As a result, it can be harder for them to qualify for a conventional loan and they.
Look at FHA First to Buy Again after Bankruptcy. 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.