If I've Had a Bankruptcy in Recent Years, Can I Get a FHA Loan?

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.

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NMLS 191342 (www.nmlsconsumeraccess.org) For Licensing Information, go to: www.nmlsconsumeraccess.org

ILLINOIS RESIDENTIAL MORTGAGE LICENSEE - LIC # MB.0004233
* IL Dept of Financial & Professional Regulation (IDFPR), Division of Banking, Bureau of Residential Finance 555 W Monroe St, Ste 500, Chicago, IL 60661 #(888) 473-4858
INDIANA RESIDENTIAL MORTGAGE LICENESEE - LIC # 38385
FLORIDA RESIDENTIAL MORTGAGE LICENSEE - LIC # MLD2085

If I've Had a Bankruptcy in Recent Years, Can I Get a FHA Loan?

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