Thanks for the replies so far. After some digging I found this in the fha guidelines."For a borrower that had an FHA mortgage foreclosed, that borrower is not eligible to apply for another FHA mortgage until three years after the date that HUD paid the insurance claim to the lender. " 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. 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. 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.
I foreclosed on my previous home a little over 3 years ago and included it in a chapter 7 bancrutpcy. So from what I have read and been told I was eligible for an fha loan after 3 years. We got approved by a lender, found a house, made an offer, and did all the loan paperwork needed. The loan officer has been assuring us everything is going good. I was expecting a closing date this week but instead I get a call telling me fha denied the loan. Their reason was because I have foreclosed an an fha loan before and would have to pay what was still owed on my previous homes loan balance if I wanted another one. This cant be true can it? I cant find a single thing online that says this. Im devastated today. Thought I was going to be moving soon only to find out all our hard work was for nothing.