FHA loan guidelines require you to wait two years after a Chapter 7 bankruptcy & one year after a Chapter 13 bankruptcy to be able to get a FHA loan here in California. For a Chapter 13 bankruptcy you do have to qualify with all your debt payments and get permission from the court to enter into a mortgage.
The important date to look for when you want to apply for an FHA loan after a bankruptcy is the bankruptcy discharge date. The time period wait to apply for a FHA loan after a bankruptcy starts from the discharge date (not from the date you filed for the bankruptcy).
Some additional keys to get an FHA loan after a BK is you can not have any derogatory credit of any type after the BK. The FHA lender does not like to see any derogatory credit items after a BK. Additionally, you will have to have re-established credit after the BK. This means you should go out and get several some store cards or maybe a secured credit card from your bank & just charge small items you would buy anyway. This will establish new lines of credit that are reporting to the credit bureaus it is critical that you maintain on time payments.
These are just some of the FHA loan requirements for getting an FHA loan after a bankruptcy. For more information on getting an FHA Loan after your Bankruptcy please Feel free to call our office at 619-295-4444 if you have any questions about getting approved for a FHA loan in California.
Here are some of the very latest up-to-date highlights of FHA loans in California:
As of June 2011
- FHA loan limits in California go all the way up to $729,750 in many areas including San Francisco and San Jose areas, Los Angeles, Orange County and close to this amount in San Diego.
- FHA loan interest rates are still hovering around 60 year lows
- FHA loan down payment is only 3.5% and that can be a gift from a relative
- FHA loan requirements allow for a non-occupancy co-borrower to help you qualify
- FHA loan credit score does not have to be perfect. You can get a FHA loan with down to a 600 credit score.
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