FHA: Including My House In My Chapter 7 Bankruptcy
You filed a Chapter 7 Bankruptcy and included a mortgage/ or property in Arizona and you want to know when you can qualify for an FHA Home Loan in Arizona.. Am I correct?
You may have even been told by a FHA mortgage loan lender in Arizona that after 2 years from the Chapter 7 Bankruptcy Discharge date you can qualify for an FHA Home Loan . Does that sound familiar? For the most part this information, technically, is true.
Like many others who have not been informed of the correct information, you now are being told that you do not qualify (After waiting for 2 years) and are left scratching your head as to what happened. The fact that you have included a mortgage/ or home home in your Chapter 7 Bankruptcy changes the well-known 2 year bankruptcy rule to the more conservative FHA 3 year foreclosure rule.
The fact that there was an FHA mortgage and/or property included in the Chapter 7 will revert you to FHA's 3 year foreclosure rule which is obviously the more conservative approach. Lenders will almost always take the most extreme situation and apply the guidelines from that point. The foreclosure simply is considered more serious than the Chapter 7 bankruptcy.
Click here to learn more about Chapter 7 Bankruptcy including a mortgage.
For more information, call Ted Canto at Academy Mortgage in Arizona today and I will guide you and provide with sound advice on how to qualify for an FHA home loan after your Chapter 7 Bankruptcy