IF I'VE HAD A BANKRUPTCY IN RECENT YEARS, CAN I GET A FHA LOAN?
Buying a home after a major financial setback can feel overwhelming. Many homebuyers worry that a past legal filing permanently ruins their dream of homeownership. However, you can absolutely secure a mortgage even with a recent filing on your record. If you want to rebuild your finances, bankruptcy and fha loans offer the perfect path forward.
FHA loans provide flexible credit guidelines and low down payment options. This makes them highly accessible for individuals recovering from financial distress. At R&J Capital Mortgage, we specialize in helping buyers navigate these complex rules. You can easily check your options today by using our free online mortgage calculators.
Federal guidelines lay out clear rules for timing. The federal government sets specific waiting periods depending on the type of filing you completed. To understand the official federal regulations regarding mortgage insurance and credit requirements, you can review the official guidelines directly on the U.S. Department of Housing and Urban Development (HUD) website.
If I’ve Had A Bankruptcy In Recent Years, Can I Get A FHA LOAN?
Yes, generally a bankruptcy won’t preclude a borrower from obtaining an FHA loan. As a trusted mortgage broker new york residents rely on, we often help clients navigate these guidelines. 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, you must wait two years since the discharge of a Chapter 7 bankruptcy, or have a minimum of one year of repayment for a Chapter 13 (seeking the permission of the courts).
Working with an experienced residential mortgage broker can make all the difference when you are trying to secure competitive home loans new york options after a financial setback. Additionally, borrowers should not have any credit issues like late payments, collections, or charge-offs since the bankruptcy. As a leading mortgage company nyc and mortgage lender new york specialist, we know that special exceptions can be made if you have suffered through extenuating circumstances—such as surviving a serious medical condition—where high medical bills forced the bankruptcy.
Whether you are looking for specialized mortgage loans new york programs or guidance from a knowledgeable mortgage lender nyc, we are here to help you find the right home mortgage new york solution to achieve your dream of homeownership.
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