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.
LendLink Financial, Inc.
Mortgage Banking MB License MB.6761027
Company NMLS 1162430
Illinois Residential Mortgage Licensee
Illinois Dept. Financial & Professional Regulation
James R. Thompson Center (JRTC)
100 W. W Randolph Street, 9th floor
Chicago, IL 60601
All Inquiries: 1-888-473-4858
Florida Mortgage Lender MLD1640
Florida Mortgage Broker MBR2730
For licensing information, go to:
Phone: (773) 304-3400
Fax : (773) 283-2788
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