If Mortgage Included In Bankruptcy 7 Three Years Until Qualify FHA Home Loan In California

by rob on October 21, 2010

If Home loan Incorporated In Bankruptcy 7 3 Years Until Qualify FHA House Loan In California is a post from: FHA,VA and Conventional House Loans in all 50 States

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.

Warmest Regards,

 Rob Chomentowski


 Sr. Loan Officer (FHA, VA, USDA and standard loan specialist)


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