Question by MissFixIt7: When can one apply for a FHA loan after a foreclosure?
I foreclosed on a home about 3 years ago. When can I apply for a FHA loan?
Best answer:
Answer by ? Bunky ?
It is usually 7-10 years before anyone will give you a loan after a foreclosure.
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Fannie, cheap Freddie to hike mortgage guarantee
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Question by doublebarrel_byrd: What are the time restrictions on selling a home when you have a FHA mortgage?
I seem to remeber something about having to keep the home in your possesion for so long before you can sell for a profit. I am just trying to find out how long that is.
Best answer:
Answer by deejayspop
FHA is not a mortgage but a Federal Guarantor, website or mortgage insurance, decease FHA insures mortgages that private lenders give to homeowners, cure essentially you can pay off your mortgage at any time unless otherwise stipulated in your contract. If there is no contract language with a time element attached, then you can pay it off at any time.
Know better? Leave your own answer in the comments!
I don’t believe so. The FHA loan allows you to buy with a smaller down payment. In return, you pay PMI.
Getting an FHA loan on a house isn’t so much about commiting to live there for a time frame, it’s about buying a house that you intend to live in rather than to keep as a landlord or to flip. If you buy it, intending to live there with your family and then plans change and you have to move away, I think HUD is alright with that …. as long as it’s not a HUD foreclosure that you bought. On those, they do have a 12 month occupation requirement.
If you are selling your house to someone who is getting an FHA loan, then you need to have owned it for a minimum of 90 days before that buyer can use an FHA loan to buy it from you – and you’ll probably still need two appraisals.
Hope this helps.