Bankruptcy
Mortgage Underwriting guidelines For Bankruptcy
January 29, 2010 by Financemyhome · Leave a Comment
VA and FHA tends to be much more lenient on approving a loan after a bankruptcy. In fact, with FHA we can get you a new loan or refinance your existing loan if you have a chapter 13 bankruptcy and have had on time payments for the past 12 months. VA generally requires 2 years from the discharge date. Conventional loans (Fannies Mae & Freddie Mac) tend to require the longest time line from a bankruptcy-usually 3-7 years. It all depends if you have a chapter 7 or a chapter 13 bankruptcy. You can view the PDF of the Fannie Mae rules to see how they are currently underwriting when someone has had a foreclosure.
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