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My husband had a foreclosure over 5 years ago but am being told we have to wait 7 yrs for conv loan?

  • May 06 2013 - Overland Park
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Answers (3)

FHA isn't a bad deal with the rates as low as they are, even with monthly MI. You can always refinance 2 years down the road into a Conventional loan. At least you'll be a home owner now! GL

  • May 06 2013
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A "foreclosure" is defined as a home that was given back without owner participation. On a conventional loan, there is a 7-year waiting period unless there were acceptable extenuating circumstances and a 10% down payment or more, then the period is 3 years. FHA requires that you wait 3 years, however, with satisfactory mitigating circumstances, can be less than 2 years but must be more than 12 months. VA basically follows the same guidelines. USDA is 3 years, unless there are circumstances that were beyond control.

  • May 06 2013
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If you were considering an FHA home loan it would be at least 3 years past the foreclosure date.  For a conventional loan it would be a 7 year waiting period.

  • May 06 2013
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