I’m doing bankruptcy chapter 7 now, and I’ve been reading that I have to wait about two years to get a home loan. What type of loan could I get? Is there such thing as 0$ down. And what exactly is a FHA loan ?
FHA loans are usually issued by a FHA approved lender and backed by the Federal Housing Administration. Usually for those with lesser than stellar credit and requires usually 3-3.5% down for the purchase along with private mortgage insurance is added to the loan as well since less than 20% is put down. Only $0 down payment option I've personally seen is from my credit union, but there are programs and such that will assist with a down payment as well.