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If you've decided that now really is the time for you to buy then an FHA loan is your number one and possibly only option. While paying mortgage insurance is never anyone's favorite thing to do, it does allow you to buy the house you want and do it now. FHA loans do not carry any prepayment penalties so you can always refinance as soon as you are able to receive a conventional loan approval thru Freddie Mac (4 year waiting period for foreclosures) and you'll be able to remove the MIP. It can be viewed as a temporary situation that can be remedied in under 1 year. You should also talk to your lender about the possibility of completing the refinance as a no closing cost loan. Hope this helps and good luck!
I don't think that purchasing using FHA financing would be a good option no matter what! Paying PI fees as high as the monthly property tax is ridiculous and it isn't deductible from your income taxes. Is seems as though an FHA loan would only be a good option for someone who is looking to use gifted funds for the down payment or if they have less than 5% to put down. At this time, Freddie Mac guidelines state 7 years from foreclosure unless there is an extenuating circumstance and then it is 3 years. Lynda Mckenze, I am not sure where you are coming up with your 4 year timeline. I cannot find anything that supports this. Please offer your reference. I think people offering advice forget that the other option is not to buy and to keep renting another home. This isn't ideal but getting into another poor loan doesn't seem like it is a good option!
Here are a couple of options:If you are a veteran, you could apply 2 years after the discharge date.If you are purchasing in a rural area and use USDA financing, you could apply 3 years from completion date.FHA financing allows 3 years from completion date.If you can hang in there a bit longer, Freddie Mac will allow you to apply 4 years after the completion date with a 10% down payment.Fannie Mae unfortunately is 7 years.
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