fha ratesOnce you have filed for bankruptcy protection or liquidation, there is a waiting period before you can get an FHA mortgage on a new home purchase.

Generally speaking, you should be eligible for normal FHA mortgage rates.

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More Information on FHA Backed Mortgages after Bankruptcy:

If you had a Chapter 7 Bankruptcy, you are eligible for an FHA insured mortgage after 2 years from your bankruptcy discharge date. To be eligible, you must not have any late payments and have re-established credit.

If you had a Chapter 13 Bankruptcy, FHA backed mortgage qualification can happen just 1 year into the Chapter 13 repayment plan (with your bankruptcy trustee’s approval).

Also: Introduced in 2013, a program exists to offer families a second chance after their bankruptcy. This program is called the FHA Back To Work Program and is available until September 30, 2016. People are eligible for this program if there were circumstances beyond your control such as loss of income, divorce, adjustable rate mortgages, etc. FHA loans have slightly higher interest rates than traditional mortgages.

FHA Loans have limits and rates fluctuate often. You can see California FHA Loan limits county by county, and Wells Fargo maintains a list of current FHA rates.

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Be sure to contact us today if you are considering bankruptcy. We will be happy to give you a consultation and go over bankruptcy alternatives. In many cases significant money is saved by declaring bankruptcy sooner rather than later.