Posted on: 04th Apr, 2010 12:22 pm
I am going through the preapproval process for a fha loan. I had a foreclosure a year and a half ago due to the joint owner's death. The mortgage company I am dealing with said that this should not be a problem since it is extenuating circumstances, and I provided all the documentation of this. I wanted your opinion on this since I have seen the waiting period is a minimum of two years.
Welcome kris,
As far as I know, you would be able to get a mortgage after 3-4 years of a foreclosure. Lenders won't approve you for a loan before that. Even though you get a loan, the lender would charge you a higher interest rate.
As far as I know, you would be able to get a mortgage after 3-4 years of a foreclosure. Lenders won't approve you for a loan before that. Even though you get a loan, the lender would charge you a higher interest rate.