Buying a home after bankruptcy might seem daunting, but it’s achievable with an FHA mortgage. Whether you’ve gone through Chapter 7 or Chapter 13 bankruptcy, FHA loans can help you buy a home in Salt Lake City even after financial setbacks.
For those who filed Chapter 7 bankruptcy, eligibility for an FHA loan is possible in as little as two years. The key is re-establishing good credit and maintaining financial stability. In some cases of extenuating circumstances, you could qualify for an FHA loan after just 12 months.
If you’ve filed for Chapter 13 bankruptcy, the waiting period is typically one year—provided all payments are on time and the court approves taking on new debt. The FHA’s “Back to Work” program also offers an option for those who experienced financial hardships, with eligibility after just 12 months under certain conditions.
It’s important to note that, while FHA insures these loans, you still need to find a lender willing to work with your situation. The Stern Team can guide you through this process and connect you with the right local lenders and real estate agents in Salt Lake City.
If you’re looking at homes for sale in Salt Lake City or need help navigating Utah real estate, The Stern Team is here for you. Contact us today to explore your options and get back on track with your home-buying journey.
