Foreclosure
Are there any programs available for customers that are 2 years out of foreclosure? by questi_231_909 from Irvine, California. Jan 7th 2012
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
The answer is yes, but you have to meet the specific criteria. FHA allows for an exception to the 3 year rule under certain circumstances.
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
FHA requires 3 years out
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
The real issue here is that if you are putting less than 20% down and NOT going FHA, you will require Private Mortgage Insurance (PMI). I am not aware of ANY PMI program that will insure a loan this soon out of Foreclosure. This means you are looking at a minimum of eleven more months before you are FHA eligible. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Ask our community a question.
Get an answer
Related Questions
