If I've Had a Bankruptcy in Recent Years, Can I Get a FHA Loan?

Yes, generally a bankruptcy* won’t preclude a borrower from obtaining a FHA Loan. Ideally, a borrower should have re-established their credit with a minimum of two credit accounts such as a car loan, or credit card. Then wait two years since the discharge of a Chapter 7 bankruptcy, or have a minimum of one year of repayment for a Chapter 13 (the borrower must seek the permission of the courts). Also, the borrower should not have any credit issues like late payments, collections, or credit charge-offs since the bankruptcy. Special exceptions can be made if a borrower has suffered through extenuating circumstances like surviving a serious medical condition, and had to declare bankruptcy because the high medical bills couldn't be paid.

*This information deals with bankruptcy. Each state has its own bankruptcy laws. You need to check with your state for details. The information contained in the above article is provided for general information purposes only and is not intended to be a legal opinion nor legal advice nor is it intended to be a complete discussion of all the issues related to bankruptcy. Every individual's factual situation is different and you should seek independent legal advice regarding specific information.