Bankruptcy and Foreclosure
A credit report will be obtained on the borrower and any lates, collections, judgments,
foreclosures, bankruptcies, etc. must have a justifiable explanation in writing by the
borrower.
In the event of a foreclosure, the borrower has three years from the date the claim was
paid until he/she is eligible for another FHA loan, unless the foreclosure was the result
of extenuating circumstances beyond the borrower's control and the borrower has since
established good credit.
Chapter 7 bankruptcy requires the borrower to wait at least two years from the date of
discharge.
Chapter 13 bankruptcy requires the borrower to have been paying on the bankruptcy for at
least one year, performance must have been satisfactory and the borrower must also receive
court approval to enter into the mortgage transaction. |
FHA Loans
FHA Mortgage Insurance
FHA Streamline Refinance
Down Payment Gifts
Bridal Registry Account
Bankruptcy and Foreclosure
Refunds Ready on FHA Loans
Single Family Home Program
Single Family Rehab Program
Title I Improvement Loan
Energy Efficient Mortgages
Reverse Mortgage Program |
