Property Q&A in Gilbert>Question Details

Lgmeggers, Home Buyer in Gilbert, AZ

FHA says that they will override the 3 years waiting on a foreclosure if the forcl., was on an only home.???

Asked by Lgmeggers, Gilbert, AZ Mon Jul 18, 2011

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This question is about this property: http://www.trulia.com/homes/Arizona/Gilbert/sold/645062-241-…

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Bill Parker, CPA*’s answer
Hello:

As indicated by Agents, FHA changes its rules and one should work with an experienced lender. Having said that, I am not sure what your question is based on...FHA, and the other entities--FNMA, FHMLC, VA--will each allow for exceptions to their general rules if you can show "extenuating circumstances", but owning only one home is not considered an extenuating circumstance. Has to be death of an income earner, extended illness which will not repeat, etc.

FHA also has certain rules which allow a homeowner to buy right away after a Short Sale--never late on a mortgage payment, not taking advantage of the market to buy a substantially equal or better home within reasonable commuting distance, etc.

One factor no one seems to focus on is that each individual lender has the ability to put into place what we in the business call "overrides"--just because FHA, FNMA, etc.--say they can do certain things, does not mean the lenders have to agree. They can, and DO, create their own guidelines which are often more strict than those proposed by FHA, etc.

Conclusion: Get a good lender and find out what reality is in your particular situation.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

Legacy Group Lending, Inc.
15333 N. Pima Road, Suite 300
Scottsdale, AZ 85260
(O) 480-993-3080; (M) 602-565-3646; (F) 480-993-3081
EM: Bill.Parker@Legacyg.com
Website: http://www.LegacyG.com

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
0 votes Thank Flag Link Mon Jul 18, 2011
BEST ANSWER
FHA does have a number of exclusions/exceptions they are willing to make to override the rules. Each case seems to be viewed almost individually based on the merits of the file.

It is possible to get an FHA and or other loans very fast, it is important to surround yourself with the correct team members that work together to accomplish your goals.

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Mon Jul 18, 2011
Rules and exceptions with FHA change constantly. I would consult an experienced mortgage broker and go over your options.
0 votes Thank Flag Link Mon Jul 18, 2011
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