Posted on: 07th Jan, 2011 07:48 pm
I want to say hello to every one first off!
I had to walk away from my home and was foreclosed on March 2008, I later filed chapter 7 and discharged October 2009. When it comes to looking for a mortgage, I have heard you must wait 3 years for an FHA loan, is this true?
Thanks a lot
I had to walk away from my home and was foreclosed on March 2008, I later filed chapter 7 and discharged October 2009. When it comes to looking for a mortgage, I have heard you must wait 3 years for an FHA loan, is this true?
Thanks a lot
Hi Shermain,
As long as you are fulfilling the criteria of 620 credit score, you are eligible for the FHA loan.....
But in most of the bankruptcy cases it takes 2-3 yrs of time to achieve the minimum required credit score,thus somebody had told you to wait for 3 yrs to get a FHA loan...
Jay
As long as you are fulfilling the criteria of 620 credit score, you are eligible for the FHA loan.....
But in most of the bankruptcy cases it takes 2-3 yrs of time to achieve the minimum required credit score,thus somebody had told you to wait for 3 yrs to get a FHA loan...
Jay
Jay
Yes, March 2011 will be 3yrs since foreclosure, Oct 2011 will be the second year since discharge and I did not know if this was a change to an FHA Loan or not. I just want to be sure and see if any one knows if it is 3yrs or 2yrs. If it is two years I will start looking this year.
Thanks so much.
Shermain
Yes, March 2011 will be 3yrs since foreclosure, Oct 2011 will be the second year since discharge and I did not know if this was a change to an FHA Loan or not. I just want to be sure and see if any one knows if it is 3yrs or 2yrs. If it is two years I will start looking this year.
Thanks so much.
Shermain
Hi Shermain!
Welcome to forums!
After a short sale, you'll have to wait for 3-4 years in order to qualify for a FHA or a conventional mortgage.
Sussane
Welcome to forums!
After a short sale, you'll have to wait for 3-4 years in order to qualify for a FHA or a conventional mortgage.
Sussane