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Essentially, a bankruptcy proceeding doesn’t prevent a debtor off getting an FHA loan entirely. Yet not, a borrower must have reestablished no less than several borrowing from the bank membership (such credit cards, auto loan, etcetera.) and you may waited 24 months since launch of a part eight bankruptcy-otherwise have no less than 1 year regarding installment having a great Part 13 (the fresh borrower should also look for consent in the process of law to let this). In addition, the fresh new debtor cannot have any later costs, choices, or borrowing charge-offs since the launch of this new bankruptcy proceeding.

In the event uncommon, in the event the a borrower has suffered by way of extenuating situations-such as for example thriving malignant tumors however, having to file for bankruptcy due to the medical costs-unique conditions could be made.