If I've filed bankruptcy before is it even possible for me to qualify for an FHA loan?

One of the many questions that people who have filed for a bankruptcy or are in the process of filing for a bankruptcy may ask is whether or not they will be able to qualify for an FHA loan, or Federal Housing Authority loan. An FHA loan is a type of mortgage designed to help people with poor credit or no credit get into a home affordably.  If you have filed bankruptcy in the past, is it possible for you to qualify for an FHA mortgage at any point in time?  In fact, there are rules for bankruptcy FHA loan qualification, and you may be able to file if you meet the relevant criteria:

• The FHA requires that you have not filed for bankruptcy within the past two years.  If your bankruptcy is more recent, you will not qualify.  
• Once you have two years of records, or in the case of a Chapter 13, have been in the bankruptcy for 2 years and have 12 months of successful payment history, the FHA will issue you a mortgage loan.  
• They extend the same guarantee to Chapter 7 holders, after two years they will issue loans assuming you can provide evidence that you have developed successful credit practices.

To get help making a decision about whether to file bankruptcy, and to fully understand the impact of the bankruptcy on your ability to get credit in the future, it is a good idea to speak with an experienced bankruptcy lawyer in your area.