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I HAD A SHORT SALE 2 YEARS AND 8 MONTHS AGO- CAN I QUALIFY FOR FHA NOW OR DO I NEED TO WAIT FOR THE 3 YEAR MARK. MY CREDIT CORE IS CURRENTLY 700
THR CIRCUMSTANCES CAUSING THE SHORTSALE WERE COMPLETCATED HOWEVER I DO NOT THINK THEY WOULD QUALIFY AS EXTENUATING, WE WERE BEHAIND ON PAYMENTS AT TIME OF SHORTSALE.
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Heather, each circumstance and situation is different; I would advise you to contact a mortgage lender/broker and explain your situation. Per a document found on the HUD/FHA website: "Borrowers in default on their mortgage at the time of the short sale (or pre-foreclosure sale) are not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale. Lenders may make exceptions to this rule under certain circumstances." Make note of that last sentence: "LENDERS MAY MAKE EXCEPTIONS TO THIS RULE UNDER CERTAIN CIRCUMSTANCES". Feel free to contact me should you have any additional questions or need any help; I have a wonderful lender who can give you the straight-up on your situation. Take care and good luck! Randy
You should qualify in the next 4 months. Your credit score is high enough that you can qualify for an FHA loan, contingent upon your down payment and funds available for closing cost. Best of luck.
You can apply for an FHA loan now, but the underwriter won't approve it until you hit the 3 year mark. Your credit score is good. Good Luck !
3 years is the mark.....unless you were able to have a short sale approved while you were current on your payments, this would allow you to buy right away and not wait at all. Your FICO is great but FHA will need you to wait until year 3. Keep checking in, many of the programs change so sometime in the future, their policy might change on that time. It is quite ok to start lining up your lender and snooping at homes about 30 days prior to 3 year mark.
Hi Heather, I agree with what Rita said. You are to be commended for having a 700+ credit score! Once the 3 years are up you should have no problem qualifying for a mortgage! Our office is right in downtown Redlands if you need any help.
Happy Holidays!
Lon Mapes
Hi Heather, I agree with Rita's statements. You've done a fantastic job on your credit with a score above 700! You should have absolutely no problem qualifying once the 3 years have passed.
My office is right in downtown Redlands. One of my agents would be happy to work with you and answer any questions you have. We can put you on an automative notification system so that when homes thta fit your desires enter the market you'll be emailed immediately.
Please feel free to contact me.
Happy Holidays!
Lon Mapes
Owner/Broker
Congratulations on getting your credit score repaired.You will still have to wait the full three years to qualify for an FHA loan regardless of your credit score.You are so close however. With just four months left you should start planning on where you want to purchase, find a competent lender and realtor and be poised to purchase a home.
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