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Qualifying For An FHA Loan With A Chapter 13 Bankruptcy
Although many people fear the negative stigma associated with bankruptcy, sometimes it may be the only "make sense" option to recover from a financial crisis.  However, many of the general rumors about Bankruptcy are overblown, such as the notion that it will "ruin your credit" for 7-10 years.  The truth is that although a bankruptcy will stay on your credit report for a long time (7 years for a Chapter 13 and 10 years for a Chapter 7), it's quite possible to build your credit back up to a range that's acceptable to qualify for a mortgage and even obtain what most lenders would consider a "good" credit score in as little as two years.  Furthermore, it may be possible to qualify for an FHA loan with an active Chapter 13 Bankruptcy as little as 12 months after establishing a repayment plan. 
Here's a summary of FHA guidelines to obtain a loan while in a Chapter 13 Bankruptcy:
Borrower must have made at least 12 on-time payments to the Bankruptcy trustee. The Bankruptcy Trustee must APPROVE the purchase of a new home (or refinance). The borrower must have a good payment history on accounts that are not included in the bankruptcy.  All other guidelines ... more

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