Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user5576574

When can we start a FHA loan application to build a new home(see below details)?

We have a 769 credit score, $152k annual income w/ $1400/mo debt and a foreclosure on 12/3/10
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 15 2013 - Surprise
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

I suggest calling a lender directly as every situation is different.  But generally speaking 3 years could work.  Call Craig @ Cole Taylor Mortgage 502-689-0855.  Good Luck!!!!!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 16 2013
Have you spoken with a lender directly?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 16 2013
You may actually apply for a mortgage before the 3 years have elapsed as long as the home that previously foreclosed was NOT an FHA or VA mortgage.

FHA guidelines state that the 3 year waiting period is based on the APPROVAL date and not the APPLICATION date. This simply means that you are unable to get full loan approval before the 3 year waiting period.

If your previous loan was an FHA/VA loan then you would need to wait until you have a clear CAIVRS report. Your CAIVRS is clear 3 years from when the claim on your foreclosure was paid by HUD/VA, typically 2-4 months after the foreclosure.

You can contact a lender to verify any of these points that you are unsure about.

Jake
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 16 2013
You can officially apply on 12/3/10 because that's the 3 year wait period after a foreclosure for an FHA loan. Double check with your county recorder's office the date that the property was deeded out of your name.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 16 2013
 
Related Questions
When can we start a FHA loan application to build a new home(see below details)?
Profile picture for Cameron  Schanie
Latest answer by Cameron Schanie
May 16 2013 | 4 answers
PMI
Profile picture for Andrew Adams
Latest answer by Andrew Adams
April 13 2009 | 6 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 18466 W Marconi Ave, Surprise, AZ Home For Sale
    18466 W Marconi Ave, Surprise, AZ 85388

     For Sale: $294,000

    • Beds: 4
    • Sqft: 2525
    • Baths: 3.0
    • Lot: 9374
  2. 19210 N 133rd Ave, Sun City West, AZ Home For Sale
    19210 N 133rd Ave, Sun City West, AZ 85375

     For Sale: $139,000

    • Beds: 2
    • Sqft: 1803
    • Baths: 2.0
    • Lot: 8700
  3. 14392 W Becker Ln, Surprise, AZ Home For Sale
    14392 W Becker Ln, Surprise, AZ 85379

     For Sale: $649,000

    • Beds: 4
    • Sqft: 5167
    • Baths: 4.0
    • Lot: 43006