Profile picture for mammymary

can we get an FHA loan for a home in our NOW Price range even though we recvd our Pre-forclosure not

our home loan is an ARM, we were on a modification program thru Mtg Co but they took us off the program because while we still have our jobs, our hours have been cut back and we no longer fit in the Mtg Co modification because it is not a long term program 
  • February 23 2011 - Byers
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Answers (3)

Profile picture for David Widlund
no can do. But you dont need three years of on-time payments for any loan program I know of. In fact, FHA doesn't even require a full year of on-time payments. But you can't be currently delinquent. Besides, if you are entering foreclosure, chances are your credit score is demolished and you would have little chance of qualifying based on that score alone. Your options for keeping the home are to get current with you existing lender if they will allow it. If that isn't possible. It's time to find an experienced agent who can help you short-sell your home to avoid additional damage to your credit. If you have a foreclosure on your credit history, it will be many years before you will have another opportunity to own a home. Good luck.
  • February 26 2011
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Unfortunately once you are late or in any matter default on a mortgage it makes you ineligible for home loan lending.  Right now most loan programs require at least a 3 year wait after this has occurred.  Make sure to keep all other credit accounts on your credit report paid on time and also make sure that your mortgage account on the credit report is reported accurately so that when the time comes you will not have any problems.
  • February 23 2011
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No.
  • February 23 2011
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