FHA Mortgages Loans Are Available to Those in Chapter 13 Bankruptcy

Learning about FHA mortgage loan options will alloweligible for an FHA loan for either a purchase or
more borrowers to become homeowners. Therefinance. The key point is how you've been paying
opportunity to get a deal exists in today's real estateyour bills. If you've been paying as scheduled, and you
market. Real estate markets Minnesota to Arizona,qualify based on the debt ratio's you may be qualified
and everywhere in between offer buyers to purchaseto purchase the home of your dreams.
real estate at discounted prices. If you are a buyer, "it'sWhen obtaining mortgage financing, make sure the
time to party like it's 1999", as the prices have beenlender/broker you are working with can present you
rolled back almost ten years.with ALL the financing options. If the company you've
Many prospective homebuyers with credit problemsselected doesn't offer FHA loans, you may find out
have been told they can't qualify for a mortgagethat you were waiting in the marketplace when you
because of a personal bankruptcy. There is acould have been buying a new home.
difference when qualifying for a mortgage-chapter 7As a side note, neither FHA or conventional loans are
vs. chapter 13. Almost every mortgage program willwilling to allow someone who has been foreclosed
require 2-4 year of time to have elapsed since theupon to obtain another loan quickly. You will have to
bankruptcy was discharged. They require a longerdemonstrate that you are worthy of having credit
period with the chapter 7.extend to you and that you have rebuilt your credit.
FHA mortgages look at things a little differently. If youVA mortgages are more lenient on having had a
have a chapter 13 bankruptcy and you've made theforeclosures-it is only 2 years before you are eligible
past 12 months payments on time, you are going tofor another VA loan.