Yes, generally a bankruptcy won’t preclude a borrower from obtaining a FHA Loan. Ideally, a borrower should have re-established their credit with a minimum of two credit accounts such as a car loan, or credit card. Then wait two years since the discharge of a Chapter 7 bankruptcy, or have a minimum of one year of repayment for a Chapter 13 (the borrower must seek the permission of the courts). Also, the borrower should not have any credit issues like late payments, collections, or credit charge-offs since the bankruptcy. Special exceptions can be made if a borrower has suffered through extenuating circumstances like surviving a serious medical condition, and had to declare bankruptcy because the high medical bills couldn't be paid.
We've been helping customers afford the home of their dreams for decades and we love what we do. We are licensed mortgage brokers with the Florida Office of Financial Regulation license #MBR5349 We place loans with third party providers
Company NMLS: 2368408
www.nmlsconsumeraccess.org
6245 N Federal Hwy. #419
Fort Lauderdale, FL 33308
Phone: (845) 548-7105
benny@bestmortgageoption.com
Powered By LenderHomePage.com