What lenders do an FHA mortgage with less than 3 years foreclosure seasoning given extenuating circumstances?
Verify out these chateau images: Château sur orage Image by jfgornet Château de la Bussière (Loiret) A lot more great houses click right here… Question by PhoenixJim: What lenders do an FHA mortgage with less than 3 years foreclosure seasoning given extenuating circumstances? The HUD handbook says it can be done, information pills but every lender I have talked to says they have never seen it done. Also, sick please don’t reply back with a rude remark about how people with a foreclosure never deserve to buy again, etc. Best answer: Answer by loanmasteroneAs I understand your question is you had a foreclosure about 3 years ago and now want to purchase a new home underwritten by FHA mortgage. All the mortgage brokers so far are telling you this is not done, yet the HUD handbook say it can be done. You need to find a mortgage broker that do FHA loans that understand the nuances of doing a FHA backed mortgage loan with a previous foreclosure or call a local HUD office to get an interpretation of the HUD pamphlet or a list of local mortgage loan officers that understand the meaning of the pamphlet. Normally, after 3 years and with a strong letter of explanation as to why you had a foreclosure, you could apply for a mortgage loan. Of course with the pamphlet indicating you might apply, you- must still qualify with the proper credit scores, rebuilt credit and a minimum of three credit trade lines on your credit report. You should make sure you meet the minimum qualifications prior to applying for a mortgage loan. I hope this has been of some benefit to you, good luck. “FIGHT ON” Add your own answer in the...
Read MoreQ&A: What circumstances would qualify a home foreclosure over a Short sale?
Question by ChrisM: What circumstances would qualify a home foreclosure over a Short sale? What would qualify a home foreclosure to be better than a quick sale? I have a home with little to no equity: if I short sale I would be required to pay back the difference to the bank. Would It be better for me to just let the house foreclose? Best answer: Answer by David Zyes let it foreclose. short sales are only helpful to borrower if the bank will foregive the short fall. If they want you to sign a note then just let them foreclose. Note that if you have a 2nd mortgage they can come after you for that after foreclosure. this is called a deficiency judgement. Add your own answer in the...
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