FHA Guidelines Foreclosure

FHA Guidelines Foreclosure

A borrower whose previous residence or other real property was foreclosed on or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible.

Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution. Minimum credit score of 500.

Seasoning Requirements are determined by the type of loan:

Government loan: Seasoning is determined by the date the claim was paid.

Loans other than Government: Seasoning is determined by the date of sale borrowers must have their own funds.

Borrower should have re-established credit. FHA guidelines are clear about the need for the re-establishment of positive credit from the time of the foreclosure.

Good rental history for the last 12 months is required. A lender will require a Verification of Rent (VOR) from a Rental Management Company or 12 months of cancelled checks showing rental history if the landlord is a private owner.

To buy a home after foreclosure you must have a minimum down payment of 3.5% if your credit score is above 580. The down payment must be the borrowers own funds or can come from a gift.

Borrowers with credit scores below 580 must make a 10% down payment. No gift funds allowed.

Short Sale

FHA loan requirements state that the minimum waiting period is three years for a borrower whose house has been gone through Short Sale or who has given a deed-in-lieu of foreclosure.

If the Short Sale was the result of a documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure the three year waiting period may be waived. Extenuating circumstances include serious illness or death of a wage earner.



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KEYWORDS:FHA Guidelines After Foreclosure, FHA Florida Guidelines Foreclosure, Florida FHA Guidelines Foreclosure, Florida FHA Guidelines Foreclosure, 2016 FHA Foreclosure Guidelines,

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FHA Credit Score needed to buy
a house or refinance


FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA requires a minimum credit score of 500 to buy a home or refinance


Bankruptcy

Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


Foreclosure

Foreclosure must have been resolved for at least 3 years

Government loan: Seasoning is determined by the date the claim was paid

Loans other than Government: Seasoning is determined by the date of sale the lender sold the property


Short Sale

FHA guidelines requires three year past from the date of sale of the property


What documentation will I need?

  • W2's or Personal tax returns for 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

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