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What is the FHA loan program for foreclosures short sales and bankruptcies? FHA home loans are possible but only after the bankruptcy has been discharged, not after they have been initially filed. The fha home loan seasoning period After a bankruptcy has been discharged, there is a minimum and mandatory waiting time known as a seasoning period-this is a minimum of one year (no exceptions) in most cases, but can be two years or longer.

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In most cases, you’ll need to wait two years from the date of your Chapter 7 bankruptcy discharge before you’ll qualify for this loan. Keep in mind that a discharge date isn’t the same as the filing date. The court sends out the bankruptcy discharge paperwork just before your case closes.

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There are many instances where home buyers get turned down from qualifying for FHA Loans right after Chapter 13 Bankruptcy discharged date. Most lenders require two year waiting period to qualify for FHA Loans after Chapter 13 Bankruptcy discharged date even though HUD Guidelines has no waiting period requirements.

The minimum required wait time between having a bankruptcy discharged and being able to apply for a new FHA mortgage is known as a seasoning period. How long you must wait to apply for a new home loan following bankruptcy depends on type of bankruptcy.

With Chapter 13 bankruptcies, the seasoning period will depend on whether your bankruptcy was discharged or completely dismissed. If your Chapter 13 bankruptcy was discharged, you’ll need to wait at least two years from the discharge date to qualify for a conventional mortgage.

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If you filed for a chapter 7 bankruptcy, you can still get an FHA mortgage if you apply (FHA case number is generated) at least two years after the bankruptcy discharge date. In addition to having two years pass, you must also: Establish a good credit standing since the bankruptcy. This means making on time payments.

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FHA, VA and USDA (Rural Housing) lending programs do approve borrowers who are in a court-supervised payment plan. Chapter 13 bankruptcies in which filers made all payments as required are.

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