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how long after a foreclosure to qualify for a home loan?

  • June 24 - Bullhead City
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Answers (9)

The simple answer is:

VA >1 yr (if a veteran)
FHA    3 years
Conventional 7 years
Jumbo    7 years   

Speak with a loan officer about your situation and see if there are any other options.

  • July 17
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As long as you have only [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • July 17
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it depends on the type of loan you have, and if there were any extenuating circumstances as to why your home was foreclosed upon. The general rule is VA loans is 2 years, FHA 3 years, and conventional 7 years. If there were extenuating circumstances those times can be a lot shorter. feel free to reach out if you have any questions regarding your particular situation.
  • July 17
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Profile picture for Shane Torres
On Average 24 Months depending on type of loan. 
  • July 16
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FHA is 1 to 3 years depending on your specific sceanrio, VA is 2 years but you must have VA eligibility to qualify.  USDA is 3 years, and conventional financing is 4 to 7 years depending on your specific scenario.  Private money will allow you to financing right away, but expect a much larger down payment requirement as well as high costs and fees.. There's also a loan product we have that's like a modified lease to own purchase, where the company purchases the home you choose, and they lease it back to you, giving you a monthly credit and a portion of the appreciation.  Under this program, there's no waiting at all..  feel free to reach out to me via my profile if you would like more info.. 

Feel free to reach out to me via my profile if you have any additional questions or concerns.  William J. Acres, Arizona's Mortgage Expert.

  • July 16
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We offer a portfolio product that has no seasoning requirements after short sale or foreclosure. Contact me through my profile to discuss.
  • June 25
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What Jake said....but one caveat, there is such a thing as Portfolio lenders. This means a lender who will lend with their own money. Example: Credit unions

They underwrite based on relationship and what value you can bring to them....example: your assets.

They also are a lot more strict on LTV, typically 70% or less and usually have to be within a certain mile radius of a branch. Example: Uncle Credit Union, 3.75% 5/1 ARM Portfolio, they dont care about past derogs or credit blunders so long as you have re-established, have a good fico, have reserves, and most importantly have a low DTI combined with large down. This of course is a bay area, ca based credit union. Do some more digging, you will find someone. Other suggestions on here work too, like FHA back to work...just havent personally seen them close on one yet in my area.

Good luck
  • June 25
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It is possible that you may qualify for FHA Back to Work Program~not easy but it is there for those that qualify~be prepared to document meticulously~

FHA is continuing its commitment to fully evaluate borrowers who have experienced periods of financial difficulty due to extenuating circumstances. 
Many borrowers experienced periods of recession related financial difficulty and/or credit impairment resulting from unemployment or a severe reduction in income. FHA recognizes the hardships faced by these borrowers, and that their credit histories may not fully reflect their true ability or propensity to repay a mortgage. 

For Purchase transactions with case numbers assigned on or after August 15, 2013 through September 30, 2016: 
FHA will allow consideration of borrowers who have experienced an Economic Event and can document that certain negative credit ratings resulted from loss of employment or significant loss of Household Income beyond the borrower's control; and the borrower has demonstrated full recovery from the event and completed housing counseling. 

Housing counseling helps borrowers 
• understand loan options and obligations, 
• prepare and evaluate the household budget, 
• access reliable information and resources, 
• avoid scams, and 
• prepare for any future financial changes 

The guidance in Mortgagee Letter 2013-26 may be applied for borrowers that experienced extenuating circumstances related to an Economic Event as described in Mortgagee Letter 2013-26; and received a REFER recommendation from TOTAL; or an Accept/Approve but are manually downgraded. 

An Economic Event is any occurrence beyond the borrower's control that results in: 
A 20 percent or more reduction in a borrower's Household Income for a minimum period of six months resulting from a Loss of Employment, Income or a combination of both. An Economic Event includes the following definitions: 
• Onset of an Economic Event: The month of loss of employment/income. 
• Recovery from an Economic Event: The re-establishment of satisfactory credit for a minimum of 12 months. 
  • June 24
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Profile picture for Academy Mortgage AZ
This depends on the type of loan you are trying to get typically the waiting periods are as follows:

FHA - 3 years
VA - 2 years
USDA - 3 years
Conventional - 7 year
Jumbo - 4-7 years

As is always recommend, you should speak with a lender directly to discuss all of your options.

Jake
  • June 24
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