fha loan bankruptcy waiting period

"The old-fashioned way of doing it was a seven-year waiting period," said McDonough. it will approve certain borrowers for a home loan just one year after a foreclosure, short sale, deed in lieu of.

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If you have gone through a foreclosure, you might qualify for a new FHA mortgage loan after waiting three years. After a Chapter 7 bankruptcy , the waiting period is generally two years. If you file for Chapter 13 bankruptcy , you might be able to get a new FHA mortgage before you complete the plan.

FHA Loan Waiting Times After Chapter 13 Bankruptcy. We are often asked about fha loan rules governing home loans for those with a bankruptcy on their credit reports. These types of questions vary, but often feature a common theme: "I had a bankruptcy discharged in July 2014.

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FHA loans have been helping people become homeowners since 1934. Therefore a perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to get an FHA loan than a conventional loan.

Mortgage Bankruptcy Waiting Period | Foreclosure Waiting Period – Mortgage Bankruptcy Waiting Period | foreclosure waiting period. The mortgage waiting period depends on the type of mortgage loan program. There are three different types of government loans: FHA, VA, and usda. mortgage bankruptcy and foreclosure guidelines are set by Fannie.

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FHA Loan After Bankruptcy: Waiting Period, Requirements, and. – FHA Loan After Bankruptcy: Waiting Period, Requirements, and More. Depending on the circumstances, there might be a waiting period of 12 months to two years from the discharge date. After that period of time, an eligible borrower could get an FHA-insured mortgage loan to buy a house.

Fannie Mae changed its longstanding policy of not granting mortgages to people who have filed bankruptcy for a certain number of years by significantly reducing the mandatory waiting period for anyone seeking a mortgage loan after a derogatory credit event, such as Chapter 7 bankruptcy, Chapter 13 bankruptcy or foreclosure.

These loans, insured by the Federal Housing Administration (FHA), have much more flexible lending requirements. Foreclosure: Generally, there is a three- to seven-year mandatory waiting period.