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I had an FHA loan and foreclosed in 2009. Can I apply for a home loan either FHA or conventional?

I want to know if it is worth applying for a home loan now cause I've heard you have to wait 7 years from the date the deed shows.
  • February 26 2014 - Tempe
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Answers (5)

With FHA financing you only have to wait 3 years from the foreclosure. With that loan that foreclosure since it was FHA we must also check the CAVIERS ( this is when the mortgage insurance actually paid the claim) to make sure that has been 3 years also. Most of the time the CAVIERS is cleared within a few weeks of the actual foreclosure, however I just ran in to one that wasn't paid off for almost a year. Call me to discuss. David Kester 602-628-6500
  • February 27 2014
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You should speak with a lender as soon as possible!  A lender will be able to help you with the specifics about your scenario.  I have a lender that my clients have used in the past that does a great job and I can send you his information if you would like. 
  • February 27 2014
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You definitely do not have to wait 7 years.  As a lender, I know that programs allow 1 year out of Foreclosure, Bankruptcy and Short Sales with as little as 3.5% down and in some cases $0 down.  A competent lender would be able to go over scenario options with you and guide you into the proper program that fits your situation.  Once you consultant with a lender, you will at least have piece of mind in knowing where you stand and what steps need to be taken to own a home again.
  • February 26 2014
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Good news is that you do not have to wait 7 years.  FHA allows you to purchase after 3 years.  Looks like you are in Tempe.  If you want to stay in Tempe they also offer down payment assistance to help you buy based on income qualifications.  I have done this recently with a buyer who was approved for 30k in assistance in Tempe.  Please contact me through Zillow if you would like more information about this program
  • February 26 2014
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Based on the new FHA guidelines there is a possibility.
  • February 26 2014
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