{"id":2382,"date":"2013-10-14T09:00:41","date_gmt":"2013-10-14T14:00:41","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=2382"},"modified":"2018-12-04T08:29:48","modified_gmt":"2018-12-04T08:29:48","slug":"how-to-purchase-a-home-after-bankruptcy-through-an-fha-loan","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/how-to-purchase-a-home-after-bankruptcy-through-an-fha-loan\/","title":{"rendered":"How to Purchase a Home After Bankruptcy Through an FHA Loan"},"content":{"rendered":"<p id=\"docs-internal-guid-5809fe50-b4df-6dea-b023-56c00e1289ef\" dir=\"ltr\">Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately, that&#8217;s not true. For many petitioners, the amount of time between bankruptcy and homeownership can be a matter of mere months. The U.S. Department of Housing and Urban Development (HUD) runs a program through the Federal Housing Authority (FHA) that guarantees mortgage loans for those who have filed bankruptcy, provided they have met certain requirements.<\/p>\n<p dir=\"ltr\">For those who have filed a chapter 7 bankruptcy due to &#8220;extenuating circumstances&#8221; (i.e. not because they didn&#8217;t want to pay their debts), the FHA places a two-year limit between the date that they received their discharge and their application for an FHA loan. For bankruptcies without extenuating circumstances, the limit is seven years. And yes, that&#8217;s the discharge date and not the filing date. The FHA requires buyers to demonstrate an ability to manage their financial affairs, with documentation.<\/p>\n<p dir=\"ltr\">In a recent change to the FHA rules (<a href=\"http:\/\/portal.hud.gov\/hudportal\/HUD?src=\/program_offices\/administration\/hudclips\/letters\/mortgagee\" target=\"_blank\" rel=\"noopener\">Mortgagee Letter 2013-26<\/a>), buyers need only wait one year after they go into foreclosure, complete a short-sale, offer their deed in lieu of foreclosure, or receive a discharge before qualifying for a guaranteed loan. However, they must show with documentation that their bankruptcies were caused by an &#8220;economic event&#8221; that has three characteristics:<\/p>\n<ul>\n<li>Certain credit impairments were the result of a loss of employment or a significant loss of household income beyond the borrower&#8217;s control;<\/li>\n<li>The borrower has demonstrated full recovery from the event; and,<\/li>\n<li>The borrower has completed housing counseling.<\/li>\n<\/ul>\n<p dir=\"ltr\">The &#8220;certain credit impairments&#8221; point means the event caused the debtor to lose 20 percent of his or her income over a six-month period. Typical examples include job losses, pay cuts, hour cuts, furloughs, and losses due to medical problems. Debtors must also have had a history of good credit before the economic event and after.<\/p>\n<p dir=\"ltr\">Debtors who filed in chapter 13 rather than chapter 7 are subject to slightly different rules. They can apply for a FHA-guaranteed loan after they have completed only one year of their repayment plans, but they must obtain a letter from the bankruptcy trustee that lists the dollar amount the plan allows them to borrow for a home. Buyers must also submit an explanation of their bankruptcies and be gainfully employed.<\/p>\n<p dir=\"ltr\">The rules governing a post-bankruptcy FHA-guaranteed loan application are complex, but they are workable, so don&#8217;t let the prospect of not being able to live in a home discourage you from bankruptcy.<\/p>\n<p>For answers to more questions about owning a home after bankruptcy, the automatic stay, effective strategies for dealing with foreclosure, and protecting your assets in bankruptcy please feel free to contact experienced Brooklyn <a href=\"https:\/\/nybankruptcy.net\/main\/\" target=\"_blank\" rel=\"noopener\">bankruptcy attorney<\/a> Bruce Weiner for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately, that&#8217;s not true. For many petitioners, the amount of time between bankruptcy and homeownership can be a matter of mere months. The U.S. Department of Housing and Urban Development &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/how-to-purchase-a-home-after-bankruptcy-through-an-fha-loan\/\"> <span class=\"screen-reader-text\">How to Purchase a Home After Bankruptcy Through an FHA Loan<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,26,22,14],"tags":[2,29,30,15],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Purchase a Home After Bankruptcy Through an FHA Loan -<\/title>\n<meta name=\"description\" content=\"Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nybankruptcy.net\/main\/how-to-purchase-a-home-after-bankruptcy-through-an-fha-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Purchase a Home After Bankruptcy Through an FHA Loan -\" \/>\n<meta property=\"og:description\" content=\"Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. 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