fha loans and co-signers

You must wait 3 years if the person with the foreclosure is on the loan.. co signers help when there is insufficient credit or income.. it does not help if a borrower has bad credit.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

lol. Nice answer Larry. Do you mean that its going to be 3 years since foreclosure? if so i know a few companies that allow 2 years and even 1 year as long as you have the credit and income. but for the most part most companies will say no

I do not know of any lenders that would allow it before three years. Good luck!

Guideline is 3 yrs for a foreclosure with FHA, 7 yrs. conventional....

ALSO , it is from the final date of the forclosure, and not the date of the notice of forclosure..

A non-occupant co-borrower in itself would not allow you to be approved for an FHA insured home loan. General rule of thumb for waiting period after a foreclosure on an FHA insured home loan is as follows:o 3 years from date foreclosure completed and transferred back to bank.o Less than 2 years, but not less than 12 months from date foreclosure completed andtransferred back to bank may be acceptable if the result of acceptable extenuatingcircumstances*.*Serious illness or death of a wage earner. Divorce and the inability to sell a property due to ajob transfer or relocation to another area DOES NOT qualify as an acceptable extenuating circumstance.

Sorry, but FHA requires 3 years from the date the Deed that transferred the property out of your name recorded, plus one day. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950