How To Qualify For FHA/VA Mortgage After 12 months After Bankruptcy!

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: FHA QuestionsHow To Qualify For FHA/VA Mortgage After 12 months After Bankruptcy!
Thomas Martin Staff asked 5 years ago
How does a bankruptcy affect an FHA, VA mortgage applicants’ eligibility for an FHA mortgage?
A Chapter 7 or Chapter bankruptcy does NOT disqualify an FHA, VA mortgage applicants from obtaining an FHA VA  Mortgage if, at the time of case number assignment, at least 2 years have elapsed since the date of the chapter 7 bankruptcy discharge and 12 months after a chapter 13 bankruptcy
During this time, the FHA, VA mortgage applicants must have:

  • re-established good credit; or
  • chosen not to incur new credit obligations.

 An elapsed period of no less than 12 months in chapter 13 and 24 months for a chapter 7 bankruptcy may be acceptable if the FHA, VA mortgage applicants:

  • can show that the bankruptcy was caused by extenuating circumstances beyond the FHA, VA mortgage applicants’ control; and
  • has since exhibited a documented ability to manage their financial affairs in a responsible manner.

The FHA VA Mortgage Lenders must determine that during this time, the FHA, VA mortgage applicants’ payment performance has been satisfactory and all required payments have been made on time; and the FHA, VA mortgage applicants has received written permission from bankruptcy court to enter into the mortgage transaction.

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