The only way FHA will waive that is if it was a major reason that caused the foreclosure. Such as a death in the family, major illness, etc... Job loss or other issues wouldn't count. I have gotten a few through with 20% down through Fannie Mae after 2 years.Sep 12th 2012
Death in the family or major illness has always been a way to get a 2 yr bk requirement or 3 yr. foreclosure requirement shortened.I do subscribe to one of the most significant and thorough mortgage professionals blogs. I would be happy to keep you informedshould they shorten that period for others via recent talk. Email me your email contact at lgray@clrloans or via www.larrygraymortgage.comSep 12th 2012
Unless you have extremely extenuating circumstances (death of a co-borrower) or a bankruptcy/foreclosure cause by death or serious medical costs, you won't see a waiver for less than the standard 36 months. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950Sep 12th 2012
You all might be incorrect. There is a good possibility that within 75 days, so early December 2012, FHA will waive many who have recently been through a significant derrogatory credit event...... but the conditions of this change in wavier are not yet known. We have no idea what they will ask for only that there is a good chance they will again insure those were credit worthy buyers had it not been for this market. It could be that the person who went through a SS, DIL Foreclosure or Bankruptcy has to have a higher than normal/average credit score following the derrogatory. Or it could be that banks will charge a little higher interest rate or ask for a higher percent down. From what I have read, the FHA intends to guarantee the loans for certain "credit worthy buyers" and extend forgivenes to many that have been through a recent event. Again, what this means yet....nobody knows. Lets only hope that this is true. It will be another method of stablizing the housing market and getting buyers back into homes that probably would never have had to Short Sell, do a DIL or a Foreclosure had it NOT BEEN for this partcular market and history in time. And it could also create more jobs for those who work in the housing industry such as roofers, electricicians, drywallers, etc..... Rebecca Thompson, Real Estate BrokerSep 13th 2012
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