Fha W/ Bk

Does anyone know the guidelines for FHA support of a mortgage after bk 2 years ago?

I have seen them referred to here, however, can't locate.

Thanks.

jkwbrown ,

Both FHA & VA will support after-BK mortgages as long as you've had credit and and stayed current on everything for 2-3 years post discharge:

From: http://www.fhalibrary.com/fha_mortgages/fha_faq/default.asp#five

I have had a bankruptcy in recent years. Can I get a FHA loan?

Generally a bankruptcy will not preclude a borrower from obtaining a FHA loan. Ideally, a borrower should have re-established a minimum of two credit accounts (such as a credit card, car loan, etc.) and wait 2 years since the discharge of a Chapter 7 bankruptcy or have a minimum of 1 year of repayment with a Chapter 13 (the borrower must also seek permission of the courts to allow this). Furthermore, the borrower should not have any late payments, collections, or credit charge-offs since the discharge of the bankruptcy. If a borrower has suffered through extenuating circumstances (such as surviving cancer but had to declare bankruptcy because the medical bills were to much), special exceptions can be made (rarely).


From: http://www.mortgage-and-home-loan.com/mortgage-rates-Govt.html

Can I get a VA loan if I have had a bankruptcy in the last few years?

VA credit standards state that a veteran with a bankruptcy less than 3 years ago would generally not be considered a satisfactory credit risk unless: the veteran or spouse has obtained items on credit since the bankruptcy and has paid the obligations in a satisfactory manner for a continued period; and the bankruptcy was caused by circumstances beyond the control of the borrower, which would have to be verified. A bankruptcy discharged 3 to 5 years ago must be given some consideration in the underwriting of the loan. A bankruptcy discharged more than 5 years ago may be disregarded. These are the minimum standards that lenders must follow when making a VA loan. In 95% of the cases, lenders make the decision to approve a loan without VA's prior approval. Keep in mind that lenders also have money at risk in giving you a VA loan, so they may have stricter credit standards than those mandated by VA.