Is there a seasoning period on a bankruptcy?
I live in Missouri and got discharged from chapter 13 last month. My family owns 5 acres of land and we want to apply for an FHA loan for construction. Is there a seasoning period on the bankruptcy or would it depend on lenders requirements? by ryanvm58 from Garden City, Missouri. May 30th 2022
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
It depends on the lender. FHA requires a manual underwrite if your BK has not been discharged for at least 2 years so some lenders say you are not eligible until you hit that 2 year mark. Construction loans are considered to be higher risk so it may be even more difficult for you to find a lender willing to do an FHA construction loan. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
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