fha

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queenbee_bwd

51 Posts

Posted - 07/20/2008 : 12:54:25 PM

did they change the rule from 2 to 5 years before you can purchase a home after you had a forcloser.

davidfr

2226 Posts

Posted - 07/20/2008 : 1:00:49 PM

I believe it has been and continues to be 3 years.

mganovsky

2123 Posts

Posted - 07/20/2008 : 1:01:20 PM

FHA is 3 years after foreclosure, however you can do it after 2 years if you have reastablished credit and had no lates since the foreclosure. I have not heard of any changes. You can go to the HUD web site and go thru the announcements to check.

just in kase

1482 Posts

Posted - 07/20/2008 : 5:41:58 PM

Currently FHA is 3 years -
The above post is not correct: re-established credit with no derogs since the foreclosure is required. but only 3 years or greater since FC. Less than 3 years, you need to document the FC was due to very extenuating circumstance that made the borrower unable to pay his/her debt.
Medical, death of spouse etc

MisterVA

8615 Posts

Posted - 07/20/2008 : 6:49:17 PM

And if there is a deficiency especially if the previous loan was FHA you may have issues.

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