FHA Loan Guidelines After Bankruptcy in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
In the past few years during the recession and high unemployment in California many people have had to declare bankruptcy. The good news is that is does not take a long wait after declaring bankruptcy to be able to get a FHA loan in California.
FHA loan requirements only require you to wait two years after a Chapter 7 bankruptcy and one year after a Chapter 13 bankruptcy to apply for a FHA loan in California. For a Chapter 13 bankruptcy you do have to of course qualify with all your debt payments and get permission from the court to enter into a mortgage.
The key date to look for when you get a FHA loan after a bankruptcy is the bankruptcy discharge date. The time period wait to apply for a FHA loan after a bankruptcy starts from the discharge date (not from the date you filed for the bankruptcy).
Some additional keys to get a FHA loan after a bankruptcy is you cannot have any late payments, collections or judgments of any kind after the bankruptcy. The FHA lender does not like to see any derogatory credit items after a bankruptcy. Additionally, you will have to have re-established credit after the bankruptcy. This means you should go out and at least get some store cards or maybe a secured credit card from your bank and just charge small things you would buy anyway. This will establish new lines of credit that are reporting to the credit bureaus on time payments.
So those are some of the FHA loan requirements after a bankruptcy. Feel free to call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about getting approved for a FHA loan in California.
Here are some of the very latest up-to-date highlights of FHA loans in California:
- FHA loan limits in California go all the way up to $729,750 in many areas including San Francisco and San Jose areas, Los Angeles, Orange County and close to this amount in San Diego.
- FHA loan interest rates are still hovering around 60 year lows
- FHA loan down payment is only 3.5% and that can be a gift from a relative
- FHA loan requirements allow for a non-occupancy co-borrower to help you qualify
- FHA loan credit score does not have to be perfect. You can get a FHA loan with down to a 600 credit and we are specialists at analyzing your credit and helping you raise your score
Regards,
Rob Chomentowski
Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)
858-922-7899
homeloan8@gmail.com