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is fha dropping waiting period for forclosures in 2013?

by simonMundee from Mesa, Arizona. Jul 16th 2013 Reply


Sharon Duffy (sduffy)
#72 ranked lender in Pennsylvania - 595 contributions

The mandatory waiting period for foreclosures are as follows, assuming credit has been re-established by the borrower :oForeclosure : Must wait 3 years before eligible for FHA-insured financing

Jul 16th 2013
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Steven Cook (stcookmortgage@gmail.com)
#39 ranked lender in Washington - 256 contributions

Nothing has been announced about this in the notices FHA has put out on their website. There was discussion of this on several sites last fall, but nothing has come of it.

Jul 16th 2013
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Steven Cook (stcookmortgage@gmail.com)
#39 ranked lender in Washington - 256 contributions

Did find out that FHA three year waiting period is from date FHA makes claim payment, if the foreclosure was FHA insured property.

Jul 16th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Nothing concrete as of yet.

Jul 16th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,861 contributions

A year or so ago, there was talk that FHA was considering lowering or removing the mandatory waiting period after a foreclosure, however nothing has been announced. In reality, even if they did, it's unlikely any lender would want to pick up that loan product.. keep in mind that FHA does not lend money.. they only insure loans against default.. the lenders.. or those with the $$$, have their own set of rules above and beyond the guidelines for FHA.. it's these "Overlays" that will most likely prevent this type of credit deficiency to be overlooked.. Lenders don't like foreclosures.. The loose 95% of the time, even if the loan is insured (deductible??), and the cost of time and money makes it even more expensive.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 16th 2013
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Mike Wald (Mike_Wald)
#136 ranked lender in Arizona - 6 contributions

No, not that I am aware of.

Jul 16th 2013
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Jason Vondrak (jvondrak)
#2 ranked lender in California - 1,697 contributions

Not that we know of..

Jul 16th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,861 contributions

A year or so ago, there was talk that FHA was considering lowering or removing the mandatory waiting period after a foreclosure, however nothing has been announced. In reality, even if they did, it's unlikely any lender would want to pick up that loan product.. keep in mind that FHA does not lend money.. they only insure loans against default.. the lenders.. or those with the $$$, have their own set of rules above and beyond the guidelines for FHA.. it's these "Overlays" that will most likely prevent this type of credit deficiency to be overlooked.. Lenders don't like foreclosures.. The loose 95% of the time, even if the loan is insured (deductible??), and the cost of time and money makes it even more expensive.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 16th 2013
0
0
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