Normally if you have a chapter 7 bankruptcy you just have to wait two years to be qualified for a FHA mortgage in California. Nevertheless, if a home loan is incorporated in that chapter 7 bankruptcy you have to wait 3 years to get a FHA home mortgage in California. Some lenders will require you to wait 3 years from the date the deed of the house incorporated in the bankruptcy is transferred out of your name, other people will require you to wait 3 years from the discharge date of the bankruptcy.
Also, to assist qualify for a FHA mortgage following a bankruptcy 7, make 100% sure you have no derogatory credit After the bankruptcy. FHA mortgage guidelines can deny you for a FHA home mortgage if you have been late on any obligations After your bankruptcy 7.
But maintain in mind if you had a bankruptcy 7 and there was no home loan incorporated in the bankruptcy, you only have to wait two years from the discharge of the bankruptcy to qualify for a FHA mortgage in California.
Right here are some of the most up-to-date advantages of FHA loans in California:
- FHA mortgage limits in California go all the way up to $729,750 in many locations of the state this kind of as Los Angeles, Orange County, San Jose, San Francisco, Alameda and more. And close to this in San Diego.
- FHA mortgage rates are the lowest because the 1950′s!
- FHA mortgage down payment is only three.five% and that can be a present from a relative
- FHA mortgage guidelines allow for a non-occupying co-borrower. So if you can’t qualify with your own earnings, perhaps you have a relative that can assist.
Sr. Loan Officer (FHA, VA, USDA and standard loan specialist)