Morgage after foreclosure

The FHA does have an "extenuating circumstances" provision where they will allow a person to get an FHA insured loan sooner than the normal 3 year wait but realistically it never gets granted. You will have to wait the three years to get a new mortgage loan unless you can put like 40%-50% down with a hard money lender and pay their high rates.

Yes, when it comes to Chapt 7, FHA will consider a new mortgage after only 12 months IF you can prove extenuating circumstances that were beyond your control leading to the financial troubles, (health etc....)

FHA will do 3 years after Foreclosure. That's 3 years after the title to the property was transferred out of your name. It's not likely that you will get a waiver on that. Extenuating circumstances would have to be Extremely Compelling.

Technically there are some exception options depending on your overall situation. We get people asking everyday, and after 21-years, I have NEVER seen an "extenuating circumstance" claim get approved. Realistically, it is going to be a three-year wait after a foreclosure (at a minimum). Good luck!

Suek, if you have a large down payment and employment, I wouldn't even wait 3 years nor 1 year. What I would suggest is find a home with a for sale by owner and negotiate owner financing or consider a rent with an option to buy. Either of these scenarios will allow you to own or control a home today and lock in a very good price with your own rate and terms negotiated. The downside of this scenario is you must make many offers before you will find a ready, willing and able seller, but it is very doable and it can get you into a home within the next 12 months. Once you get a home either by seller financing or rent to own, you can refinance that home after the three years. I hope this information is useful to you.