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can i get an fha loan if i had foreclosure in past year

  • December 03 2011 - Gilbert
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Answers (11)

No, you won't be able to obtain an FHA loan with a recent foreclosure.  There is a waiting period. 
  • December 20 2011
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Unfortunately probably not.  FHA guidelines mandate 7 years before you will be able to get a new loan with foreclosure and 2 with short sale.  Your best option to purchase will be a lease option or seller carryback.  There are a number of investors in the area who are willing to finance properties.....for a price.  This is a great option if you can't get a loan but interest rates will be higher and you will most likely be required to refinance when you are able to get a FHA loan.
  • December 20 2011
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You can't get any type of loan if you've had a foreclosure in the past year. Depending on the type of loan you had on the foreclosed home, it will be 3-7 before you can qualify for another mortgage.
  • December 17 2011
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" The answer most of the time, is "no" you will not be able to get a new FHA loan within a year after a foreclosure, you will have to wait 3 years to do so, however, there are certain circumstances that may allow you to be approved for AN FHA now.  A job transfer is one of the exceptions. "


That is untrue. Here are the actual guidelines from HUD 4155.1 4.C.2.

"A borrower is generally not eligible for a new FHA-insured mortgage if,
during the previous three years

• his/her previous principal residence or other real property was foreclosed, or
• he/she gave a deed-in-lieu of foreclosure.

Exception:  The lender may grant an exception to the three-year requirement if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower, such as a serious illness or death of a wage earner, and the borrower has re-established good credit since the foreclosure.

Divorce is not considered an extenuating circumstance.  An exception may,
however, be granted where a borrower's loan was current at the time of
his/her divorce, the ex-spouse received the property, and the loan was later
foreclose 

Note:  The inability to sell the property due to a job transfer or relocation to another area does not qualify as an extenuating circumstance."

  • December 16 2011
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No, you will not be able to obtain FHA financing. 
  • December 16 2011
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If you had extenuating circumstances for the reason for the foreclosure then yes you can get FHA financing to purchase another home. Feel free in reaching out to me and I would be more than happy to go over those circumstances with you to see if you would qualify.
  • December 16 2011
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No you will have to wait three years from the recorded date of the sheriff's sale.
  • December 03 2011
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Sorry to hear about your foreclosure.
  
The answer most of the time, is "no" you will not be able to get a new FHA loan within a year after a foreclosure, you will have to wait 3 years to do so, however, there are certain circumstances that may allow you to be approved for AN FHA now.  A job transfer is one of the exceptions. 

I suggest you contact a local Certified Mortgage Planner for a complimentary review of your specific situation. 

All the best, 
Ros 

Roswell Moore, CMPS 
Certified Mortgage Planner 

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  • December 03 2011
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Besides the waiting period your credit score will also play a part in your ability to obtain financing. Foreclosure will have a negative impact on your score which could last for about 2yrs or more. Speak to a banker for more info.
  • December 03 2011
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No.
  • December 03 2011
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Profile picture for Sharon Lewis
Probably not, there is a waiting period, talk to your lender.
  • December 03 2011
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