|
Written by Tamara Schmitt
|
|
Monday, 07 November 2005 |
Generally a bankruptcy will not preclude a borrower from obtaining an FHA loan. Ideally, a borrower should have re-established a minimum of two credit accounts (such as a credit card, car loan, etc.) and wait 2 years since the discharge of a Chapter 7 bankruptcy or have a minimum of 1 year of repayment with a Chapter 13 (the borrower must also seek permission of the courts to allow this).
Furthermore, the borrower should not have any late payments, collections, or credit charge-offs since the discharge of the bankruptcy.
Although rare, if a borrower has suffered through extenuating circumstances (such as surviving cancer but had to declare bankruptcy because the medical bills were too much), special exceptions can be made. |
|
Last Updated ( Wednesday, 23 August 2006 )
|
© CopyRights - GetLoansCheap.com - All Rights Reserved - All Content - Legal Disclaimer / Privacy Policy / Get Loans Cheap