FHA Loans for Sales and Foreclosures Properties in California
There are some intricacies that come with FHA mortgage loans that may cause some confusion; especially when it comes to short sales, foreclosures and bankruptcy. There is a waiting period for those that have had financial troubles over the last few years. The waiting periods are as follows:
Borrowers that have been through foreclosure or have been issued a deed in lieu foreclosure within the past three years generally cannot quality for an FHA home loan in California. That said, there are some exceptions. If you have re-established good credit and you have a stable job we may be able to get you into an FHA home mortgage loan. Call us at 866.260.2253 to find out if you can qualify.
Chapter 13 Bankruptcy:
If a borrower is still paying on a Chapter 13 bankruptcy and the payments have been made for one full year the FHA will consider approving the borrower. There will also need to be a court trustee’s written approval and the borrower will have to give a full explanation for the bankruptcy filing on the loan application. The borrower will also need to establish good credit, qualify financially and have a stable income with a job.
Chapter 7 Bankruptcy:
Two full years, 24 months, must have elapsed since the date of discharge on the borrower and/or spouse’s Chapter 7 Bankruptcy. Once again, a full explanation of the bankruptcy filing will need to be provided on the FHA loan application. The borrower must have re-established good credit, have a stable job and qualify financially.
When it comes to foreclosure and bankruptcy most people are at one of the most stressful times of their lives. Rather than having to worry about qualifying for an FHA home loan in California allow ABLEnding to do the work for you. We have mortgage professionals that can help you get the home mortgage you desire. We can also assist with getting an attractive mortgage interest rate.