Posted on: 19th Oct, 2012 12:25 am
We will be up to qualify for an FHA loan as 3 years are over after final foreclosure sale in April 2013. We also had a bankruptcy discharged in June 2009 which included 2 foreclosures and the property was sold off in April 2010. Husband was a homebuilder and we got stuck in collapse. We are looking to borrow around 200K. Based on the above scenario I believe we will qualify, but I have one question. In the Bankruptcy we kept our primary home, but ended up needing to sell it also. We thought it was going to be a short sale and ended up being 60 days late on the last payment, but ended up selling the home in May 2010 and paid the loan off in full, including the 2 late fees. Our credit has been clean May 2010 - till today. If we keep it clean until April/May 2013, will we be eligible for an fha loan? Is there anyway to go to a loan officer before May 2013 and ask informally, if current credit situation doesn't change, will we qualify for the FHA loan?
In order to get qualified for a FHA loan after foreclosure, you need to wait for 2-3 years. Moreover, you should have a credit score of around 620 in order to get qualified for the FHA loan. Unless you meet the required criteria of the lender, you won't be able to get the loan.
Welcome Candy,
Have you taken steps to improve your credit score? If not, then you can check out the given page in order to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html
Have you taken steps to improve your credit score? If not, then you can check out the given page in order to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html