FHA vs. VA waiting periods after foreclosure

Asked by Sdwhera, San Diego County, CA Mon Oct 8, 2012

My ex-husband's house foreclosed in Oct 2010 (date of actual sale), however he was able to get a loan funded and bought a condo in April of this year, less than the 2 year waiting period. I'm going FHA and I had a house that foreclosed in October of 2009 (end of oct was sale date), and my lender will not submit my loan until that date. Why is that?

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8
Hector Gaste…, Agent, Coronado, CA
Sun Apr 21, 2013
Sdwhera,

One of my preferred lenders has a program with 6 months... Most of the lenders I work with have 2 or 3 years. I would love to work with you if you are not already working with a REALTOR

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
hectorgastelum@yahoo.com
619-954-2225
efax 619-270-2516
0 votes
Terri Club, , Arizona
Sun Apr 21, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes
, ,
Tue Oct 9, 2012
Hi Sdwhera,

FHA requires at least 3 years from the date the title was transferred back to the bank so technically, you do not meet the requirements right now.

So why does this dictate when your file is submitted? It's because of the FHA case number. Your lender isn't going to pull a case number until you're actually eligible.
0 votes
Hector Gaste…, Agent, Coronado, CA
Mon Oct 8, 2012
SDwhera,

Your lender is not the best in town, my team will take care of you. I prefer VA to FHA for 2 reasons, you don't pay Mortgage Insurance & No down payment.
Give me a call or email and I will put you in contact with my Preferred Lender.

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
hectorgastelum@yahoo.com
619-954-2225
125*142*10754
efax 619-270-2516
0 votes
Michael Alex, Agent, San Diego, CA
Mon Oct 8, 2012
Hello,

Every situation is different. But most commonly,you can purchase after 2 years with a VA loan,3 years with a FHA loan and between 2-5 years with a conventional loan.


Michael Alex
Real Estate Consultant
cell. 619.581.9348
email. AskMichaelAlex@gmail.com
Pacific Sotheby’s International Realty
San Diego, CA
0 votes
Jeff Zemecus, Agent, Fresno, CA
Mon Oct 8, 2012
Typically it is a two to three year waiting period to try to acquire another loan after a foreclosure of bankruptcy. Depending on the lender and how aggressive they lend they have the ability to make decisions based on their guidelines. It is possible to acquire another loan if your credit history can reflect a solid history other than the foreclosure. A good explanation letter would be needed to explain the circumstance as to why and if the lender is satisfied with that then it is up to them. I have seen it happen but again the circumstances are different from case to case. Please consult another lender to get another opinion.
Sincerely,

Chris Boudreau, GRI, ABR, SFR
Foreclosure & Short Sale Specialist

Website: http://www.SanDiegoKey.com
Facebook: http://www.Facebook.com/SanDiegoKey

Cell: (858) 736-5393
Email: Chris@SanDiegoKey.com

License # 01273956
0 votes
, ,
Mon Oct 8, 2012
I am a lender. Here is your answer:

You cannot submit a file until the quoted time from the day that the title transferred.

VA: may be 12-23 m onths from date foreclosure completed and transferred back to the bank if credit is reestablished and paid as agreed and was cause by acceptable extenuating circumstance.

FHA three yesars from date of foreclosrue completed and transferred back to bank unless there were acceptable extenuating circumstance.
Your lender is waitinging until 3 years from the day that the transfer occurred. You cannot sign or date an APPLICATION until that 3 years has elaspsed.

Your lender knows what he is doing! :)
0 votes
Thanks Claudia for the clarification!
Flag Mon Oct 8, 2012
Kari Shea, Agent, San Diego, CA
Mon Oct 8, 2012
Hi,

There very best thing you can do is ask his lender and your lender if they have different requirements.

Best to you,

Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
0 votes
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