I’m a realtor. So what does this suggest to have my company?
Essentially, a personal bankruptcy does not prevent a debtor away from obtaining a keen FHA loan entirely. not, a borrower need to have reestablished a minimum of a couple borrowing profile (such as for example a credit card, car loan, etc.) and you may waited a couple of years since discharge of a section eight bankruptcy-otherwise possess a minimum of 12 months out-of payment with a beneficial Chapter thirteen (the new borrower should also look for consent about process of law so that this). Additionally, the fresh new debtor ought not to have any late repayments, stuff, otherwise borrowing from the bank fees-offs as the launch of the new personal bankruptcy.
Though uncommon, when the a borrower possess suffered because of extenuating activities-eg thriving cancers but being forced to declare bankruptcy because of the medical debts-special exceptions could be generated.