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 many years and we love what we do.
Company NMLS: 135622
www.nmlsconsumeraccess.org
James Wick, MLO
C2 Financial
2320 Paseo Del Prado, B204
Las Vegas, NV 89102
Phone: 702-790-1800
jwick@c2financial.com
NMLS: 255006
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