Zillow Advice: FHA and VA Loans - Can I get another fha loan if I previously foreclosed on one? http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ Zillow Advice | Zillow Real Estate Thanks for the replies so ... http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ Thanks for the replies so far. After some digging I found this in the fha guidelines.<br/><br/>"For a borrower that had an FHA mortgage foreclosed, that borrower is not eligible to apply for another FHA mortgage until <u><strong>three years after the date that HUD paid the insurance claim to the lender</strong></u>.&nbsp; "<br/><br/>&nbsp;So the answer to the original question is YES you can get another fha loan after foreclosing on an fha loan after 3 years. But everyone has said its 3 years from the sheriff sale date, which we are already past. Only to now find out myself it is 3 years after this date quoted. But if you ask pretty much any lender they will say sheriff sale. Very frustrating. Now I guess i need to find out what the date is that hud paid the claim. Since I am assuming now that 3 years has not passed yet from that date and is the reason we were denied.<br/><br/>&nbsp;But now with the back to work program the 3 year thing shouldn't even matter. Its only a 1 year wait. So I should qualify for that. I foreclosed and filed bankruptcy due to losing my job, being out of work for 3 months, getting another job making half what I was, then got laid off of that job for 6 months. I made $74k one year and 28k the next. Wells Fargo refused to help us in any way by deferring payments or anything.<br/><br/>&nbsp;And with it being the weekend now I can't really do much of anything until monday. My lender didn't know anything about the fha back to work program. He said he would look into it and get back to us on monday. Crossing my fingers that this back to work thing could be our saving grace. Sat, 21 Sep 2013 02:56:00 GMT http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ 2013-09-21T02:56:00Z I just wrote an article about ... http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ I just wrote an article about this very subject. The answer is yes. But since this is such a new program there's some muddy water our there. I have a loan like yours that the borrower had a CAIVRS Claim from a previous foreclosure on a USDA loan. We have just received an approval from my Underwriter now we are working on getting the Release Waiver from HUD. <br/><br/>Since we have to send the request for release to the Dept. of HUD, Washington D.C. Office, who the heck knows how long they will take to issue the Waiver. I am the first in my company to try this so I am cautiously optimistic being the Guinea Pig. Please feel free to contact me direct if you have any questions or you need some pointers. <br/><br/>Best of Luck! Sat, 21 Sep 2013 02:24:00 GMT http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ 2013-09-21T02:24:00Z Hi. What state are you located ... http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ Hi. What state are you located in? <br/><br/>We have a portfolio loan that allows a buyer to purchase again just one day after short sale or foreclosure. You would need to have 20% down and a minimum mid FICO of 660. <br/><br/> Sat, 21 Sep 2013 00:02:00 GMT http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ 2013-09-21T00:02:00Z What was your reasoning for ... http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ What was your reasoning for foreclosing??&nbsp; FHA has a new program out called the "Back to Work" Program-&nbsp; This allows you to obtain FHA financing after just one year of a Foreclosure or Short Sale-<br/><br/>For the rest of you lenders out there that don't know about this program, you're welcome.<br/><br/>Good Luck! Fri, 20 Sep 2013 23:40:00 GMT http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ 2013-09-20T23:40:00Z I would ask the lender for ... http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ I would ask the lender for your denial in writing. Make sure that includes the reason for denial. Then check with another lender to determine you eligibility for&nbsp;a FHA loan. Fri, 20 Sep 2013 21:23:00 GMT http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ 2013-09-20T21:23:00Z I would ask to see that in ... http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ I would ask to see that in writing.&nbsp; It very well could be true though.&nbsp; You may want to call another loan officer and see what they say.<br/><br/>Good Luck! Fri, 20 Sep 2013 20:40:00 GMT http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ 2013-09-20T20:40:00Z I'm sure you don't want to ... http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ I'm sure you don't want to spend too much time reading lengthy documents feeling the way you do, but the information you seek is out there in FHA guidelines. Do a Google search for <u>4155.1 4.A.2.f eligibility for fha&nbsp; insured financing</u>&nbsp; Download the PDF file. I believe it starts on Page 8. Fri, 20 Sep 2013 20:39:00 GMT http://www.zillow.com/advice-thread/Can-I-get-another-fha-loan-if-I-previously-foreclosed-on-one/512202/ 2013-09-20T20:39:00Z