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CAN I GET FHA LOAN APPROVAL IF I DELETE BANKRUPTCY FROM CREDIT REPORT
If I can remove bankruptcy from credit report, will I qualify for mortgage? If my front end DTI is over 47% but my back end dti is under 50% will I qualify for FHA? Can you get a mortgage with a DTI of 47%? Can I get an FHA loan if I had a bankruptcy?
What is the maximum DTI for FHA front end? What are the rules for paying off debt to qualify for FHA loan? Can you pay down debt to qualify for a conventional loan? Can I get a mortgage after paying off debt?
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This discussion was modified 2 months, 2 weeks ago by
Sapna.
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This discussion was modified 2 months, 2 weeks ago by
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1 Reply
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You cannot qualify for any type of mortgage loan if you get a bankruptcy deleted from your credit report. The reason is that all mortgage lenders will run a third-party public records background report and all public records will appear on the national public records background report. When the loan officer pre-approves you, he will get you a pre-approval when he does not see a bankruptcy on your credit report. However, when the mortgage underwriter runs the public records check, the bankruptcy will get discovered and your loan will get denied. The maximum front-end debt-to-income ratio on FHA loans is 46.9% and the back-end is 56.9% on automated underwriting system approval.