Bankruptcy Home Loans: I have recently had a bankruptcy. Can I still get an FHA loan?

Tuesday, January 17, 2006

At 3:46 PM, Bankruptcy Home Loans said...: Generally a bankruptcy will not allow a borrower from obtaining a FHA loan. Ideally, a borrower should have re-established a minimum of two credit account (like credit cards, car loans etc.) and wait about two years after the discharge of a Chapter 7 bankruptcy or have a minimum of one year repayment with a Chapter 13 (the borrower must also seek permission of the courts to allow this. The borrower must not have any late payments, collections or credit card charge-offs since the discharge of the bankruptcy. Although, if the borrower has suffered through extenuating circumstances ( such as survivng cancer, but had to declare bankruptcy due to high medical bills) special exceptions can be made.