Financing in USA>Question Details

Armando, Home Buyer in 33025

FHA May Waive Foreclosure, Short Sale, and Bankruptcy Waiting Periods

Asked by Armando, 33025 Sat Dec 22, 2012

To facilitate this shift in the mortgage market, the FHA is considering a policy change, loosening mortgage guidelines by waiving the traditional “waiting period” that follows a credit damaging event. Accordingly, home buyers who have undergone a bankruptcy, foreclosure, or short sale may be eligible to purchase homes immediately if this change takes effect.

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Rodney Mason’s answer
Armando, I would say that you have been greatly misinformed about that. If anything, HUD is set to raise minimum credit scores and probably tighten guidelines some. It is 24 months for a Chapter 7 Bankruptcy, 36 months for a foreclosure, and the same for a short sale if there were mortgage lates. Anything less than that would be unrealistic.

Someone who just lost a home to foreclosure is in absolutely no position to purchase another one right away. It would be ridiculous to even consider that to be an option.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sat Dec 22, 2012
This was a rumor from an article written on Sept. 10th by Dan Green (link below) who doesn't cite the source of his information, and said it may be "within 75 days". It's now been over 90 days.

Dan's article: http://themortgagereports.com/11091/fha-may-waive-its-3-year…

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Sat Dec 22, 2012
Time to eat crow Rodney! FHA is healthier now and the blow up is well behind us.
Flag Mon Aug 19, 2013
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