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 help our customers to afford the home of their dreams and we love what we do.
Company NMLS: 1928339
www.nmlsconsumeraccess.org
26211 Central Park Blvd.
Suite: 116
Southfield, MI 48076
Office: (248) 281-4098
Phone: (734) 634-4064
Cell: (734) 292-5693
info@coalmortgagelending.com
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