FHA & USDA – Chapter 7 – Mortgage Included: If the Buyer filed chapter 7 and included a home mortgage, does the waiting period start from the Chapter 7 discharge date or the Deed transfer date? [NEW MTP – Credit Issues – Am I Ready to Buy?]

Answer – FHA: FHA does not directly address this scenario in their guidance. My answer is based on verbal instruction I have been given by the HOC.  Of course, you will be subject to your underwriter’s determination. FHA has a very different view than Fannie/Freddie when it comes to mortgages that are included in a bankruptcy. Again, I have […]

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