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FHA Preapproval

Hello,

I had a foreclosure 2.5+ years ago and want to buy a home via an FHA loan once the foreclosure becomes three years old in April 2012. Is it possible to get any kind of preapproval from an FHA lender where they could look at my current credit scores and reports (which are solid except for the foreclosure) and basically say "Given that your scores and report stay the same or approve, you would qualify for an FHA loan once the foreclosure officially becomes 3 years old." ? Basically, I want to be able to buy come May 2012 and not just begin the approval process at that point.

Thank you for your input.
  • October 11 2011 - US
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Answers (2)

Profile picture for drox30
Thank you for the insight. I appreciate it.
  • October 13 2011
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FHA requires the loan application begin after the foreclosure seasoning period ends, and on a purchase the application doesn't begin until you have a property address.  So a lender could review your situation and assuming your foreclosure was 3 years old, but with everything else on your credit as is, could pre-approve you if everything looks good... but remember the application can't begin until the seasoning has elapsed, it's not like you can just hold out and close on the mortgage on the 3 year anniversary.
  • October 13 2011
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