Finance
A Virginia borrower who filed bankruptcy 2 years ago is seeking an FHA loan. FHA's standard waiting period after Chapter 7 bankruptcy discharge is:
A1 year
B2 years✓ Correct
C3 years
D7 years
Explanation
FHA requires a 2-year waiting period after Chapter 7 bankruptcy discharge before a borrower may qualify for an FHA-insured mortgage, provided they have re-established good credit.
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