Posted on: 29th Jan, 2013 01:16 am
How long after a Chapter 7 discharge do I need to wait before I can qualify for an FHA purchase? Are there a # of trade lines which I need to have established? Is there a min FICO?
In order to get qualified for a FHA mortgage after Chapter 7, you will have to wait for 2 years after a discharge. For a FHA loan, the minimum credit scores required is 620-640.
In order to get detailed information on mortgage after bankruptcy, log on to http://www.mortgagefit.com/foreclosure/home-loan.html
Generally the waiting period before becoming eligible for FHA insured financing is two years but it can be between 1 and 2 years due to very limited "extenuating circumstances". Although many lenders impose minimum credit score requirements of 620-640, FHA rules permit maximum financing with credit scores of as low as 580 and down to 500 with a 10% downpayment. There are some lenders that will accept applicants with the lower scores.