Aspiring homeowners who have faced bankruptcies in their history might discover loan opportunities that are often overlooked, even by many financial experts.
As a reputable mortgage lender, we specialize in assisting home buyers facing diverse financial situations. We have extensive experience with FHA loans and a thorough understanding of the guidelines, enabling us to help potential buyers with a history of Chapter 7 or Chapter 13 bankruptcy. Our aim is to explore viable solutions and guide them through the loan approval process.
Under the guidelines set by the Federal Housing Administration (FHA), borrowers can qualify for a home loan following Chapter 13 bankruptcy if they meet certain requirements:
Timely Payments: The buyer must have made 12 consecutive on-time payments as part of their bankruptcy repayment plan. This demonstrates their commitment to financial responsibility.
Financial Stability: Lenders will evaluate the borrower's overall financial health, including income, employment history, and debt-to-income ratio.
Under the guidelines set by the Federal Housing Administration (FHA), borrowers can qualify for a home loan following Chapter 7 bankruptcy if they meet certain requirements:
Discharge Date: The bankruptcy must have been discharged for two years.
Sufficient Credit Score: While a bankruptcy record affects credit scores, borrowers need to show improved financial habits and maintain a reasonably acceptable credit score.
Financial Stability: Lenders will evaluate the borrower's overall financial health, including income, employment history, and debt-to-income ratio.
