The U.S. Department of Housing and Urban Development (HUD) recently announced the â€œBack to Work â€“ Extenuating Circumstancesâ€ 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 HUDâ€™s minimum eligibility requirements.
OK congrats on your hard work. Now I will ask you a question. The credit score is about 660 and that is a good number,
HOWEVER, I just found out myself that there is a hidden credit score :/. I have been monitoring mine for the past 5 years to make sure that when I want to buy a home I was good.
I was told my CREDIT score was 410..... and I told that guy he was cracked in the head and pulled out all the credit scores that I had. He says there is a different credit score that people do not know about and that is how they determine if you get a loan for a home.
I am really angry too, because I paid out all that money over the five years to these "Credit" watchers :/
Oh well... so am working with my bank to get me a home "One" day.
Kathryn is correct for FHA it is 24 months form the discharge date. Let me know if I can help you in anyway. I am a direct lender in Nashville, Feel free to email me if you have any other lender questions.
Home Lending Source
Please visit my website at http://www.SoldonNashville.com. Feel free to call me if you have any questions.
The way I understand it Sean, is that it takes 24 months to sign on the dotted line. But, since it may take 1-3 months to find a home and another 30 days to close, you are right on time.
Your best best is to get with a lender and he/she can walk you through step by step. I have a couple of lenders I work with, that are great and my clients have loved them. I am NOT a finance agent so they know the very latest.
I would love to help you make this next Real Estate move. But whatever you do I wish you continued success!