FHA Guidelines On Bankruptcy let you obtain Mortgage after bankruptcy is a possibility
27 Mar

FHA Guidelines On Bankruptcy

FHA Guidelines On Bankruptcy

FHA Guidelines On Bankruptcy: Common Guideline

Have you gone through a rough patch in your history that resulted in excessive credit card debt or the inability to make monthly payments on your home or vehicles?  It’s okay, as this has happened to more people than you probably would imagine as nobody is exempt from running into tough times.  Especially during the Great Recession a lot of people lost their jobs, their retirement funds, savings, and even their homes.  If you were one of the ones affected by these events there is a high probability you may have decided to declare Chapter 7 or Chapter 13 bankruptcy.  You could even be struggling currently and this could be the only way out for you and I am here to tell you that it is okay and your future aspirations of wanting to own a home will happen again. Whether you filed for bankruptcy years prior, recently, or are going to in the near future, it is wise to be familiar with the FHA Guidelines On Bankruptcy so that I can properly help you plan for home ownership in the future.  There is no need to be ashamed of your credit history which is why FHA Guidelines On Bankruptcy were created in the first place because all borrowers deserve chances to make their home ownership dreams reality. 

Be Prepared To Wait

If you have not looked into the FHA 4000.1 Handbook at the FHA Guidelines On Bankruptcy the first obstacle when trying to get approved for a loan after a bankruptcy is to know the mandatory waiting period after the derogatory event has occurred.  Depending on which form of bankruptcy you filed, there will be different waiting periods associated with it.

  • Chapter 7 Bankruptcy: 2 years mandatory waiting period after the discharge date of the bankruptcy.
  • Chapter 13 Bankruptcy: No waiting period is needed after the discharge of the bankruptcy and if you are currently in a repayment plan, you only need 12 months of on-time payments as well as trustee approval in order to get a loan.

Given the need for waiting periods within the FHA Guidelines On Bankruptcy I suggest that you should make good use of this time and begin to rebuild your credit.  There is not a more important bit of advice I can give and that is to make the right decisions with your credit moving forward. If we go over your financial situation in detail we can lay out a plan that helps you to start saving for the down payment you will need in order to purchase your home. 

When you have made sure the proper waiting period has elapsed, I suggest you reach out to me and we can get your application started or you can click here as well.  During this time you will be qualified for an FHA Loan just like anybody else would and your FICO credit score, debt to income ratio, and down payment funds will need to be verified and up to the guidelines for approval. 

Just because you have run into some struggles, you will still be held to the same standards as other borrowers and if you have run into a lender that is making you get approved through more stringent guidelines, you have come into contact with Lender Overlays.  These are additional guidelines lenders put into place in addition to a loan program’s minimum guidelines.  If you aren’t being qualified under FHA Guidelines On Bankruptcy then you need to get in touch with me because here at Fairway Independent Mortgage Corporation NMLS# 2289 we only do loans to the minimum FHA Guidelines On Bankruptcy.  If you have been denied in the past, please call me today at 630-465-2656 as over 70% of my borrowers were previously denied in their quest for home ownership.  Don’t let FHA Guidelines On Bankruptcy confuse or discourage you and reach out now!

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