FHA loans have very flexible underwriting however, there are some basic guidelines credit requirements that are almost universally required by the majority of lenders.*
The minimum credit score depends on your down payment.
3.5% down = 580+
10% down= 530+
It is also possible to qualify for loan if you do not have a credit score due to lack of credit history. Loans without credit scores require that alternative credit be presented i.e. utility payments, phone, rent, etc.
Generally the requirement is 2 years from discharge date.
It is possible to qualify for a mortgage in less than 2 years if the bankruptcy was filed due to extenuating circumstances (those outside of your control such as unemployment or medical bills not covered by insurance) AND you have rebuilt your credit. Divorce is NOT considered to be an extenuating circumstance
If the bankruptcy has been completed and discharged, there is no waiting period.
If the bankruptcy has NOT been discharged, you must show that you have made at least 12 consecutive on time payments. You will also need to obtain the approval from the court to enter into new debt.
The standard waiting period is 3 years from the date that ownership is transfered.
Exception: The waiting period may be waived there were NO late payments (30 days or more) on any installment loans (mortgage, auto, student loan etc) during the 12 months preceding the short sale.
*This overview is not all inclusive and does not include all guidelines or potential qualifying situations. Contact us or your lender for additional information that applies to your situation.