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.
Helping clients break through the barriers that impede homeownership one loan at a time. Give us a call today for help with your home purchase or refinance!
Lighthouse Mortgage Group, LLC
6250 Orchard Lake Road, Suite A
West Bloomfield, Michigan 48322
Phone: (248) 383-0026
Fax: (248) 377-0168
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