Question by Donald: Is it true HUD rules are that you must wait three years after including a mortgage in chapter 7 to reapply?
Is it true that a person must wait three years after including a mortgage in a chapter 7 bankruptcy before reapplying for another mortgage?
Best answer:
Answer by ladystang
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If you are applying for an FHA loan, they will want you to be discharged from the bankruptcy for a minimum of 2 years. This may not be the case if your application receives a “refer” response from the automated underwriting system the underwriter uses when assessing your application. If your application receives a refer, the UW may require more time out of the B/K for credit establishment or proof of compensating factors such as Savings, Equity, Job Time, or other investments.
The rule is 2 years, but it doesn’t necessarily mean you will qualify just 2 years out. I hope this helps.