2016 FHA Guidelines
Thinking of purchasing or refinancing a home in Edina? Here are some guidelines explaining the time period from after a bankruptcy, short-sale or Foreclosure.
•Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy. You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
•Foreclosure – You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date.
•Short Sale / Deed in Lieu – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now.
•Credit must be re-established no late payments in past 12-24 months, depending on hardship
(NOTE: Application Date must be after the above waiting period to be eligible for FHA financing after hardship.)
Mark Merry your local mortgage expert serving Edina and throughout Minnesota.