X
Recent Articles
01Oct

FHA Eligibility After Bankruptcy or Foreclosure

Major credit events affect when you can “get back into the mortgage game”. After a bankruptcy or foreclosure, you can obtain a FHA much faster than a Conventional loan and for that reason are very popular. The actual discharge date or when your name was removed from the title after a foreclosure will start the timeline of when you can “re-enter” the market.

Mandatory waiting times after a bankruptcy or foreclosure will most likely be a minimum wait of 12 months. Here is a list of waiting times after credit events.   For most people, getting an FHA loan after 2 years is the quickest way to purchase a new home.   Then, after 2 more years they are eligible again for a Conventional loan.   

Your credit score and activity after bankruptcy or foreclosure also plays an important role in your ability to apply for a new FHA or other home loan.

About the Author

PMI Expert

PMI Expert

Working for 20 Years to save YOU from unnecessary expense!

Related

Mortgage Insurance Refunds

FHA loan handbook, HUD 4000.1 states that a refund is available if the borrower is refinancing an FHA mortgage to another FHA mortgage within the firs...

Read More >
Qualifications for FHA Cash-Out Refinance

Qualifications for FHA Cash-Out Refinance

The qualifications for an FHA cash out loan is very similar to a new purchase loan or an regular FHA loan. Since the borrower is receiving money back ...

Read More >
How the recent Italian Political "crisis" helped save money on your mortgage

How the recent Italian Political "crisis" helped save money on your mortgage

Recently Italy had political turmoil that affected the bond markets and stability not only in Europe but in the United States. An inconclusive electio...

Read More >
When is the "Right" Time to Refinance?

When is the "Right" Time to Refinance?

Perfectly timing the market on a refinance is very difficult to do.   Interest rate markets move daily and unless you are in position to apply and sub...

Read More >
Eliminating PMI

Eliminating PMI

Eliminating PMI should always be your first goal when looking to refinance your FHA mortgage.  The reasons is simple, it adds nearly 1.00% to your eff...

Read More >
How does the FED affects mortgage rates?

How does the FED affects mortgage rates?

The news this year has been full of references to The Federal Reserve ("The Fed") and how it has been raising interest rates.  But, how does this affe...

Read More >

Grade My Mortgage

A FREE real-time "grade" of your mortgage.  Compares current market to your loan.

1

Amount

2

Details

3

Your GRADE

Loan

$
$
%
$
*Assuming FHA 30 Year Fixed

Details

Results

A Very Good.
B Good.
C Average.
D Refinance Now!

 

More Details
FHA requires a Refi
HUD requires that FHA mortgages after June 2013 to refi in order to drop the PMI.
Know Your Credit
There are many free services that will track for you: