Short Sale or Foreclosure in Your Past? An FHA Mortgage May be in Your Future!
Just because you had a Short Sale, Foreclosure or Bankruptcy does not mean you cannot get an FHA Mortgage in the future. As a matter of fact if you have rebuilt your credit you may be able to get an FHA Mortgage after 3 years. In HUD’s Mortgagee Letter 09-52, it states that “Borrowers in default on their mortgage at the time of the short sale (or pre-foreclosure sale) are not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.”
The time to look at getting ready to seriously look at getting that mortgage is at the 2 year mark. You can take a good look at your credit progress and make sure that when that 3 year mark rolls around you have your credit spruced up to get back into home ownership. Call us and we will put you together with a lender to help you take the correct steps to make home ownership possible again.
If it has already been 3 years since a short sale or foreclosure, call us and we will see if you are already there.
Many people got caught in the middle of this housing crisis. If you want to look at homeownership again it may be the right time. Homes have become much more affordable with prices and interest rates being lower.