Getting FHA loan while in consumer credit counseling

MaryOver
Contributions:2

I am in a consumer credit counseling program that started about 12 months ago. Will I have trouble getting a FHA loan considering that? My credit was never bad. I went into counseling because the banks raised the rates so high. Never a late payment. Do I have a chance? My bank told me I would have to wait until 12 months after the counseling plan was completed to get a conventional loan. I'm hoping FHA is different.

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May 10 2011 - Hartford

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Answers (4)

Daniel Hamad, "AttorneyHamad"
- 0.0/5.0
Contributions:146

Talk to a few brokers... somebody should be able to get you a loan. Look over your loan docs (or have your attorney do so) and make sure you know what you're getting into with MIP/etc.

This is not legal advice and is not intended to create an attorney-client relationship. The post is only an opinion. You should speak to an attorney for further information. The poster is licensed only in CT & NY. If this post is useful to you, please remember to upvote it.

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May 11 2011

MaryOver
Contributions:2

David Stein, what do mean by "full taxes." I know the taxes on the property. Is there some way I would know if they were "full taxes" ? Not familiar with that.

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May 11 2011

David Stein, "Military Loan Expert"
- 5.0/5.0
- (7 reviews)
Contributions:315

Nope I can get you a loan right now. If your credit is good i.e above 620 and you have full taxes etc, I can get you a loan right now...

Please email me below to discuss,

[email address removed by moderator]

Thanks
Dave

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May 10 2011

Justin Sheftell, "Courtesy Mortgage"
- 5.0/5.0
- (9 reviews)
Contributions:3421

This will vary by lender.

Some lenders want to see 12 months in counseling once begun, others will be able to proceed without further documentation on the topic. So you should ask right away to anyone you speak to what their policy is, and if they don't know, find someone else.