Is it possible to get a loan approved and loan docs out when you are 3 weeks shy from the 3year seasoning date from a foreclosure?

Asked by Sdwhera, San Diego County, CA Wed Oct 3, 2012

FHA Seasoning periods

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Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Wed Oct 3, 2012
Your loan application cannot be dated until 36months after the transfer of title to the lender.
0 votes
Cindy Davis, Agent, San Diego, CA
Wed Oct 3, 2012
probably not. I wouldn't got into escrow until that period was past me.
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Michael Alex, Agent, San Diego, CA
Wed Oct 3, 2012

No you cannot, but you can enter escrow on a property and wait.After the 3 year seasoning ,you do not have to wait no longer than 1 day to get a loan approved.This has happened to me on a transaction, it worked out and closed smoothly.Talk to my lender Brian Shaw with San Diego Funding for information and advice, his direct phone number 858-356-4005.Brian was my lender in the transaction.

Michael Alex
Real Estate Consultant
cell. 619.581.9348
Pacific Sotheby’s International Realty
San Diego, CA
0 votes
Hector Gaste…, Agent, Coronado, CA
Wed Oct 3, 2012
Everything is possible, you just need compensating factors. Who's your Lender & Realtor? This should not be an issue now that you are about to close.

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
efax 619-270-2516
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Oct 3, 2012
It appears you already understand that if the foreclosure wasn't due to extenuating circumstances then it is a 3 year seasoning requirement on FHA loans. But you may not know that the date of the FHA loan application has to begin after the 3 years is up - i.e. you cannot apply prior to the 3 years with the condition of closing 1 day afterwards, etc. It usually takes approximately 30 days from the time you go under contract on a home until can you close - however if pre-underwriting is done prior to you going under contract it can cut down on the time frame by about a week.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes
Kari Shea, Agent, San Diego, CA
Wed Oct 3, 2012

That question is best answered by a lender. We would recommend you call 2 or 3 and see what they say.

Best of luck,

Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
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