Anonymous asked in Business & FinanceRenting & Real Estate · 3 weeks ago

Can you qualify for an FHA loan again after you file bankruptcy on your first home loan?

Me and a guy at work we’re discussing this and I don’t think you can qualify for an FHA loan  a second time even if you do file bankruptcy and wiped it off your credit. Apparently I’m wrong. Can anyone tell me for sure? No one is filing bankruptcy, we were just talking about how it works for some reason. 

3 Answers

  • 3 weeks ago

    Sure, if enough time has passed and your credit is repaired.

    You can get an FHA loan more than once, you just can't get more than one AT ONCE.

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  • 3 weeks ago

    Depends.. there is such a thing called a "Cavirs Claim". If you have one (meaning the HUD insurance didn't pay off the full deficiancy balance you will not be able to. If no cavirs claim it depends.. If you lost the home due to foreclosure or bankruptcy you must wait 2 or 3 years and must have great credit after the bankruptcy/foreclosure and qualify just like you did the first time. If you sold the home rather than lost it and there is no cavirs then it's 2 years. If foreclosed it's 3 years. The new loan will be manually underwritten and we look at the past 3 years much harder than a normal underwriting. You have to prove things have changed for the good & it's not likely to happen again. All of this applies if you filed chpt. 7. If chpt. 13 (where you make payments to the trustee) there are different rules entirely.

    Source(s): Mortgage lender since 1986.
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  • Anonymous
    3 weeks ago

    Chapter 7 or Chapter 13?   You didn't say...

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