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The last post in this topic was posted 3257 days ago. 

 

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tdj: You are wrong the FHA guidelines were recently updated for financial hardships at 1 yr. There has been posts on here about it.

 

Also, I did do a search previously on EQ Complete and did not find the answer I was looking for. You are not being helpful!

Edited by SeekingWealth
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tdj: You are wrong the FHA guidelines were recently updated for financial hardships at 1 yr. There has been posts on here about it.

 

Also, I did do a search previously on EQ Complete and did not find the answer I was looking for. You are not being helpful!

From what I know that means one year from the last derog, but still 2 years since CH7. Plus any overlays.

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No one year after BK and re-established credit.

 

Deery also shared another important caveat related to FHA financing for returning buyers. In late 2013, the FHA reduced the time that a buyer must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage if that buyer experienced an “economic event” whereby their household income fell by 20 percent or more for a period of at least six months. “The period had previously been two years following a bankruptcy, and three years following a foreclosure or short sale,” said Deery. “The agency has now reduced the waiting period to one year.”

Source:

http://www.utsandiego.com/news/2014/Feb/01/guidelines-for-repurchasing-a-home-after-a/

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No one year after BK and re-established credit.

 

Deery also shared another important caveat related to FHA financing for returning buyers. In late 2013, the FHA reduced the time that a buyer must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage if that buyer experienced an “economic event” whereby their household income fell by 20 percent or more for a period of at least six months. “The period had previously been two years following a bankruptcy, and three years following a foreclosure or short sale,” said Deery. “The agency has now reduced the waiting period to one year.”

 

Source:

 

http://www.utsandiego.com/news/2014/Feb/01/guidelines-for-repurchasing-a-home-after-a/

 

There is a lot more to getting a loan one year post bk then what you posted. These are just "some" of the requirements needed in order to get an FHA loan after just one year:

 

To be eligible, you must prove that you are back on track financially, which means meeting all of the following criteria.

You experienced a major economic event such as a job loss or severe reduction in income of 20% for at least six months, which was the main reason you lost your home.

 

You can demonstrate that you have since fully recovered. To do this, you must show that you are employed and able to afford loan payments once again.

 

Your credit score was satisfactory before the economic event with no late payments or other major derogatory credit issues (680 prior to filing for BK)

 

Your credit score must be satisfactory for the past 12 months. (This means no late rent payments, no more than one 30-day delinquency on payments due to other creditors, and no collection accounts/court records reporting other than medical and/or identity theft).

 

You must complete a one-hour (minimum) one-on-one housing counseling session with a HUD-approved housing counseling agency. The counseling must address the cause of the economic event, as well as the actions taken to overcome the economic event and reduce the likelihood of re-occurrence. It must be completed a minimum of 30 days, but no more than 6 months, prior to submitting a loan application to a lender and can be done in person, via telephone, via internet, or other methods approved by HUD. A list of counseling agencies can be obtained online at www.hud.gov or by calling 800-569-4287.

 

 

After all the above has been met, the toughest part hasn't been started yet. And that is actually finding a lender that will approve you. Just because the FHA allows you to apply doesn't mean a lender will approve you.

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I qualify under all those conditions. Move on!

you're not listening.

 

meeting those min conditions and actually getting a lender to approve you are entirely different.

 

best of luck, but you're potentially setting yourself up for big disappointment thinking it's a done deal.

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I am not counting on nothing. But, I will try! If I have to wait 2 yrs no big deal! It is merely a goal and I am prepared for both scenarios.

 

All this is off topic from what I started in this thread. Move on means lets get back to the subject that I started this thread on.

 

If you want to argue about FHA stuff go make your own post about it.

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The program is called FHA Back to Work. I am a DE underwriter that works for a wholesale lender that does these loans all day long. Min score 580 for max financing or 560 for 90%LTV. Sold directly to HUD.

"HUD"

 

meaning you have to live in certain area of lower socioeconomic status "HUD?" So now, you have to qualify for the FHA Back to Work Program, as well as qualifying for HUD. Then you have to decide if you really want to live in a HUD established area..

 

You also don't mention that to qualify for the FHA B.T.W. program, your "pre economy crash" FICO score needs to be 680 or higher.

 

Way too many hoops to jump through just to be able to qualify within a year. Save your money, keep improving your credit score, and you'll have much better options at years 2 & 3.

 

 

A link to the latest requirements for the FHA B.T.W. as everyone is spewing incorrect information everywhere:

 

 

http://homefreeusa.org/ht/a/GetDocumentAction/i/48424

 

 

 

(it's a lot more difficult to qualify for this than what others have been telling you)

 

 

 

Good luck.

Edited by socalfiremedic
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