The excellent news is that very soon after a bankruptcy you can get a FHA home loan to buy a home in California. Two years after a Chapter 7 bankruptcy and one year after a Chapter 13 bankruptcy you can apply for a FHA home loan in California. Below are some of the FHA guidelines to think about when planning to get a FHA loan after bankruptcy in California:
- The key date to look for to begin counting the time period to apply for a FHA loan after bankruptcy is the bankruptcy discharge date (not the file date).
- You will need to make your you reestablish credit after a bankruptcy. This means you will need active, open lines of credit that you are paying in a on time fashion. An open line of credit is something like a credit card, store card, auto loan, student loan, etc…
- If you had a mortgage included in the bankruptcy you will have to wait until two years from the date the deed to the property that foreclosed transfers out of your name. Give us a call or email if you want us to look this date up for you.
- If you had a Chapter 13 bankruptcy you will have to have one year of one time payments to creditors and permission from the bankruptcy court to enter into a mortgage.
So those are some keys to applying for a FHA home loan after bankruptcy in California. Give us an email at firstname.lastname@example.org or call at 858-922-7899 if you have any questions.
Sr. Loan Officer