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Obtaining a mortgage after bankruptcy & foreclosure

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SassyGirl5401
Established Member

Obtaining a mortgage after bankruptcy & foreclosure

Hello everyone,

 

I have a question that applies to my mothers current situation. She will be 2 years post discharge on her bankruptcy this coming June, she had a foreclosure that was included in the bankruptcy. She spoke to the builders lender and he said that she had to be 3 years past the date of the the finalization of the foreclosure before she could apply for a mortgage. Is this correct?

 

I have done tons of research on the home buying process for myself and looked into buying after a bankruptcy and foreclosure due to my moms situation. I thought that for an FHA loan you had to be 2 years post bankruptcy discharge and if the foreclosure was included in the bankruptcy you didn't have to wait the 3 years.

 

Thanks for your help!

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