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.
Sooner is often better
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.
Elena Steers is a highly experienced bankruptcy attorney, the founder of Law Offices of Steers & Associates, and previously worked as a Bankruptcy Trustee Assistant at the Office of the Chapter 13 Trustee in Los Angeles. Her current affiliations include the State Bar of California, National Association of Consumer Bankruptcy Attorneys, and Central District Consumer Bankruptcy Attorneys Association.