How Can I Qualify For FHA Loan After Chapter 13 Bankruptcy?
This Blog On Can I Qualify For FHA Loan After Chapter 13 Bankruptcy Was Written By Rashad Carmichael NMLS 1453799
Home Buyers can qualify for a FHA Loan after a bankruptcy as long as they meet the mandatory waiting period after their bankruptcy. There are two types of consumer bankruptcies. A Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy. Qualifying for a FHA Loan After A Chapter 7 Bankruptcy is simple and straight forward. A Chapter 7 Bankruptcy is also known as total liquidation where it benefits for consumers who have little to no assets and and need relief from the U.S. Bankruptcy Courts. Anyone who is drowning in debt can file Chapter 7 Bankruptcy and you do not have to be employed to file a Chapter 7 Bankruptcy. Most debts can be discharged with a Chapter 7 Bankruptcy including collection accounts, charge off accounts, judgments, and personal debts. However, there are certain debts that may or may not be dischargeable with a Chapter 7 Bankruptcy such as government loans and debts owed to the federal government such as federal tax liens, student loans, and court ordered fines which includes child support/alimony debts/payments. You will need to consult with a bankruptcy attorney for the debts that may not be dischargeable with a Chapter 7 Bankruptcy. There is a two year waiting period to qualify for a FHA Loan after a Chapter 7 Bankruptcy. The waiting period starts from the date of the Chapter 7 Bankruptcy discharged date.