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

Asked by Armando, 33025 Sat Dec 22, 2012

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Rodney Mason’s answer
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sat Dec 22, 2012
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.

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.
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Ann Ryan, Agent, Doral, FL
Sat Dec 22, 2012
They could, but why would they? There are plenty of qualified buyers now. What we actually need in this market is more sellers.
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