Qualify for a FHA loan

Hi Solmolly,

As 4 years have passed since your Chapter 7 bankruptcy filing has been discharged, you will be able to qualify for a FHA loan. If you wish, you can even apply for a conventional loan. You should contact the local lenders and start applying for loans.

Take care

Sara

we are looking for a loan that we can get - we just purchased an acre of land with well septic and house but house needs redone $35,000 - we are in a chaper 13 right now but really need to get in this house so we dont pay rent - our credit score is approx 540 and we both have great jobs please help

Hi Guest,

As you're in Chapter 13 right now, none of the lenders will be ready to offer you any kind of mortgage. In order to get any kind of mortgage after bankruptcy, you will have to wait for a certain period of time. In case of Chapter 13, after the discharge, you will have to wait for 1 year to get qualified for a FHA loan and 2 years to get a conventional loan.

Thanks

The waiting period to get approved for a mortgage loan after Chapter 7 bankruptcy discharge is 3 years. Since you have crossed that time period, you can surely apply for an FHA loan. However, to get approved for an FHA loan, you have to meet the eligibility criteria.

You can't apply for FHA loan on behalf of 4 years old bankruptcy. You have to fill this file again and after this you only will be able for FHA loan.

Hi saliviyajonathan,

What you said is unclear!! Can you please explain what you wanted to mean?

Waiting period to get approved for a mortgage loan after bankruptcy is 3-4 years. I don't find any reason behind you not qualifying for an FHA loan.