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.
We have been helping customers afford the home of their dreams for 44 years with over $ 1.5 billion dollars in closed residential loans and we love what we do!
Illinois Mortgagee License # MB 6761275
Florida Mortgage License # MB 4398
Company NMLS: 1656794
Regulated by: Illinois IDFPR-Director Rehwinkel 1 555 West Monroe St, 5th Floor, Chicago, IL 60661
888-473-4858
Gary DiCicco
President and Managing Partner
1890 S 14th St Suite # 140
Fernandina Beach, Florida 32034
840 S. Northwest Highway Suite #202
Barrington, Illinois 60010
Phone: (847) 717-9005
Fax: (800) 466-8091
gdicicco@p1mc.com
NMLS: 218864
IL 031-0049845
FL LO84443
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