Does a borrower have to wait 3 years minimum after a foreclosure to qualify for an FHA loan?

Question

Are there any exceptions to this 3 year rule? We had a real estate business that failed in 2007 and foreclosed on a couple of properties due to lack of income. Why will we have to wait 3 years with those extenuating circumstances?

Answer 1

Talk to a real estate attorney about the rule of buying property and qualifying for a loan.

Answer 2

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Answer 3

You do not have to wait three years.  My neighbors got foreclosed on less than two years ago and just bought another home.  It totally and completely depends upon the lender.  Many lenders will overlook the three year rule if your financial situation has drastically changed since the foreclosure.   Plus, all underwriters and lenders look at the circumstances of the foreclosure.  Your having homes foreclosed on due to a failed business venture and not just being irresponsible with you own personal mortgage will come into play and probably be in your favor.