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FHA Loan After Bankruptcy
Mortgage Library: Ask a Mortgage Related Question: Answers: FHA Loan After Bankruptcy
My husband and I filed chapter 13 one year ago. We've been told that we have a shot at qualifying for an FHA mortgage since all of our credit since the BK has been positive. However, our last home was included in the BK and foreclosed on. It was only in my husband's name and doesn't show on my credit report. Will this foreclosure be a roadblock for us?
T., unfortunately you won't be able to qualify for an FHA loan for a couple reasons. First, you can't qualify since you filed for Ch 13 less than two years ago. Once you've been in the Ch 13 for two years, you may be eligible if you made you last 12 months payments on time; and if the trustee allows you to take on more debt. Secondly, you won't be eligible for an FHA loan until three years have passed since your foreclosure.
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