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I have 19 month's before I qualify for a fha loan when can I apply?

I have 19 month's before a qualify for a fha loan after our short sale when can I start the preapproval process?
  • July 28 2014 - Ocoee
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Answers (5)

Best Answer

I am assuming you have already spoken to a mortgage professional hopefully and they were the one that advised you that you have to wait 3 years from the date of your short sale. Like others have eluded to, if the reason for short sale was due to a loss of job/income then you may qualify for what is called FHA's "back to work" program. This program allows a borrower to purchase a home after only 1 year from the date of the short sale but you must prove that you were laid off and had a reduction of income in the amount of at least 20% leading up to the short sale.

If this is not the case, there really is no point to start the pre-approval process until you are at least 1 month out from the 3 year mark.
  • July 28 2014
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Take care,
  • October 17 2014
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Hello 

I agree with the other answer , 19 months is too early to pre qualify.
You may want to look at your credit periodically , to make sure all else looks good and there is nothing esle you need to do to take care of your credit. As for FHA, the "Back to Work" program requires only 1 yr wait period, so pls call me and I will see if you fit that critera. It is a tough program to qualify for but we have done it for other borrowers.
 
Tom Bawany
Prospect Mortgage
NMLS # 519971
  • October 17 2014
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If you were not delinquent at the time of short sale then there is no waiting period. If you were delinquent then short sales are treated just like a foreclosure. You would need to wait 3 years.
  • July 28 2014
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Why did you short sale? There is the back to work program offered by FHA which might make you eligible sooner than you think. Also, if you can put 20% down, then you only need 2 years out to do a conventional loan.
  • July 28 2014
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