Financing in 94588>Question Details

Celia Fourni…, Renter in Chelmsford, MA

How long do you have to wait to get an FHA mortgage?

Asked by Celia Fournier, Chelmsford, MA Mon Jan 7, 2013

We filed Chapter 7, 3 years ago, but short sale'd our home. The bank dragged their feet, so the closing was 2 years later. So the short sale shows just a year ago, with late payments. The late payments were due to the bankruptcy, and being told we had to vacate the home within 90 days of filing, in which we weren't responsible for the debt any longer.
We've since repaired our credit, but the short sale is causing a problem getting a mortgage. Any suggestions or thoughts?

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Yes you do qualify now for a new program for FHA by HUD for people with a BK you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
0 votes Thank Flag Link Sun Sep 1, 2013
Celia,

This is such a common question that I created a short video to address the topic. It's at the link below and covers most of what you describe.

Thank you,

Rob Spinosa
RPM Mortgage
rspinosa@rpm-mtg.com
877-270-5959
0 votes Thank Flag Link Tue Jan 8, 2013
2 years for conventional with 20% down

3 years for FHA.

Keep credit clean between now and purchase.
0 votes Thank Flag Link Mon Jan 7, 2013
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