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Qualify for a FHA loan

Posted on: 28th Aug, 2012 02:28 am
i had filed chapter 7 bankruptcy around 4 years back and have even received a discharge. will i be able to qualify for a fha loan now or should i have to wait for 7 - 10 years?
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
Posted on: 28th Aug, 2012 02:48 am
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
Posted on: 28th Aug, 2012 05:11 pm
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
Posted on: 28th Aug, 2012 08:41 pm
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.
Posted on: 29th Aug, 2012 05:29 am
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.
Posted on: 11th Sep, 2012 03:16 am
Hi saliviyajonathan,

What you said is unclear!! Can you please explain what you wanted to mean?
Posted on: 12th Sep, 2012 11:20 pm
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.
Posted on: 13th Sep, 2012 06:19 am
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