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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.


Other FHA Topics • Bankruptcy and Foreclosure
• FHA Bridal Registry Account
• FHA Mortgage Insurance
• HUD Reverse Mortgage Program
• Refunds on FHA Loans
• Single Family Rehab Mortgage Program
• Streamline Refinancing for FHA Mortgages


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