FHA mortgage loan after 2 years from a short sale and bankruptcy?

Posted on Oct 1, 2012 in FHA Information

Question by thebrock1584: Eligible repairs under an FHA 203k loan?
Can someone direct me to a list of eligible repairs that an FHA 203k Mortgage loan covers. We want to but a fixer upper but need to know what repairs are covered. Thank you We live and want to buy in Oswego county NY if that makes a difference.

Best answer:

Answer by Terry Socia
All the repairs necessary to get it into livable condition if the repairs don’t drive the price up to over 96.5% of it’s value and sometimes it is 80% of it’s value. Check with the lender on this percentage

Know better? Leave your own answer in the comments!
Question by green: What banks/mortgage lenders still offer ‘no income verification loans’ (NIV) or ‘stated income loans’?
use to be know as ‘no doc loans’
–looking for a home mortgage loan
–I know that these types of loans require a higher down payment, sildenafil (like more than 20%) and come with higher interest rates,
–I’m self employed and would like to know if I can qualify for a mortgage without waiting 2 yrs for tax returns

Best answer:

Answer by golferwhoworks
conforming but only to a 75% loan on the sales price and with a 720 or higher score

Know better? Leave your own answer in the comments!
Question by lorddog: FHA mortgage loan after 2 years from a short sale and bankruptcy?
can i get a FHA mortgage loan after 2 years from a short sale and bankruptcy 7? i have a hardship letter because of unemployment.
anyhow, viagra dosage mi homes financial is giving me a go ahead to build a house and close at the 2 year mark. brokers told me banks are requiring 3 years to do a loan. is mi homes gonna take my deposit ($ 12k) and when it gets to the 2 year mark say “oh your not approved?” and keep my deposit?

is mi homes financial the bank or do they send it off to a big bank (who wont approve it)?
no i have work history – its just back 3-5 years ago when all of this started i was unemployed for a few times.
i have work history of 3 years in dec 2012 when this closing is scheduled

Best answer:

Answer by Go with the flow
You have to be fully employed for 2 years to qualify for a mortgage, with tax returns to verify your steady income.

Did you know it costs about 25% to 35% to build a home than to buy one in today’s market? Why on earth would you want to build?
You could buy a $ 100,000 home vs. building one that costs$ 135,000.
Stop and think about this for just one minute.
What kind of scam comany called you. Time to kick them to the curb.

Know better? Leave your own answer in the comments!

4avg.rating 23 votes.

2 Comments

  1. They can’t possibly guarantee you’d qualify two years from now. Shady deal.

  2. Don’t give them any money, sorry to say but you will be denied and getting your money back may not be as easy as ‘here ya go’.. They can’t legally keep your deposit, but they can make it a hassle to get it back, not to mention they might (depending on the contract you have) keep a percent of it even if you are denied, could be a ‘holding fee’ or whatever they call it..
    Not worth risking your money, especially when you will be denied – you’re unemployed, had a short sale and bankruptcy in 2 years and you don’t have the work history nor credit to qualify. Sorry.. good luck