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.
Here at Bighorn Mortgage Group we know that buying or financing a home is typically one of the largest financial decision that an individual makes in their life. That's why we customize every loan program for each individual and you can count on us being with you every step of the way. With top notch customer service, the best rates and lowest closing costs Bighorn Mortgage Group is your place for home loans.
Company NMLS: 1711344
Sedalia, Colorado 80135
Phone: (303) 660-0822