Concerning bankruptcy and foreclosure, a credit report will be obtained on the borrower and any late fees, collections, judgments, foreclosures, bankruptcies, etc. must be explained in writing by the borrower.

In the case of a foreclosure, the borrower has three years from the date the claim was paid until they are eligible for another FHA loan, unless the foreclosure was the result of extenuating circumstances beyond the borrower's control and the borrower has since established good credit.

Chapter 7 bankruptcy requires the borrower to wait at least two years from the date of discharge.

Chapter 13 bankruptcy requires the borrower to have been paying on for at least one year, performance must be satisfactory and the borrower must receive court approval to make any mortgage transactions.

Other Nevada FHA and VA loans Topics

• Bankruptcy and foreclosures
  
• Down payment gifts
  
• Energy efficient mortgages