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Eligibility After Bankruptcy

Mortgage Library: Ask a Mortgage Related Question: Answers: Eligibility After Bankruptcy


Can one get approved for refinance for a FHA loan after bankruptcy?

M. R.


Yes. You specifically asked about refinancing an FHA loan after bankruptcy. If your current loan is FHA and you've made your last 12 months mortgage payments on time, then you could qualify for an FHA streamline refinance and your bankruptcy won't be an issue. There are a few criteria to qualify besides the mortgage history, but the BK alone wouldn't disqualify you.

If you don't qualify for the streamline refinance, then you will have to wait two years after a Ch 7 is discharged; or two years after a Ch 13 began along with a good 12 month Ch 13 payment history.

Rick Lanicek
Mercantile Mortgage Corp
17950 Preston Rd Ste 50
Dallas, TX 75252-5657
(972) 705-9721
(800) 256-0817 Ext 202
Mobile (214) 552-6125
eFax (972) 692-7260

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