How to get a FHA loan after for foreclosure?
The house was foreclosed in 2009, and all their saying is not until December 2012. Is there ANY way to work around this?
- Glenn SLv 78 years agoFavorite Answer
You are in Canada and want an FHA loan? FHA requires three years after a foreclosure or short sale. A chapter 7 bankrutcy waiting period is 2 years from discharge/dismissal date. In a Chapter 13 BK a 1 Year wait of the payout must have elapsed and the borrowers performance must have been paid as agreed. Document that the borrower's current is not likely to recur and the court must grant permission to the borrower to enter into another mortgage transaction.
An no there is no way around this.
- Steve DLv 78 years ago
Not really - although FHA encourages lenders to look back two years, lenders are allowed to set their own qualifications. The foreclosure raises a red flag since you are trying to get a mortgage after not being able to pay for a mortgage.