How long after foreclosure can you buy? Realisticlly

FHA just announced last week a new loan product called "Back to Work" This program allows financing for borrowers with a foreclosure, short sale, deed in lieu or BK, who can prove that they suffered at least 20% reduction in income, and have had no late payments on any obligation in the last 12 months. Since the program is so new, very few lenders have jumped on board, but I expect that to change within the next few months. Otherwise, FHA has the shortest waiting period of 3 years from the date the property was sold or transferred out of your name, so if it did eventually sell, then you go by that date.. if the property was foreclosed, then you go by the date the deed was transferred out of your name.. if the property has not yet foreclosed, your waiting period has not even begun.. Depending on the county your looking in, FHA allows for up to $271K loan amount.. .. 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

FHA MORTGAGE ELIGIBILITY CHANGESEffective Aug. 15, the Federal Housing Administration is allowed consideration of borrowers who experienced "economic events" that resulted in foreclosure, short sale or deed-in-lieu. Applicants must be able to document that:o Credit impairments were the result of a loss of employment or a significant loss of household income beyond the borrower's control.o The borrower has demonstrated a full recovery from the economic event.o The borrower has competed housing counselingo The borrower has no history of delinquency on rental housing payments.o The borrower has no more than one 30-day delinquency on payments due to other creditors.o The borrower has no collection accounts.An "economic event" is defined as any occurrence beyond the borrower's control that results in loss of employment, loss of income or a combination of both, which causes a reduction in the borrower's household income of 20 percent or more for a period of at least six months.The Federal Savings Bank- Federal charter - can loan in all statesErnesto Marezemarez@thefederalsavingsbank.com

FHA is 3-years from the Trust Deed Date, VA is 2-years from the Trust Deed Date and USDA is 3-years from the Trust Deed Date.All of the above require a clear CAIVRS that indicates if you are presently delinquent on a Federal loan or have had a claim paid within the previous three years on a loan insured by HUD. As long as you are clear for those three years you should be able to apply for FHA again. Or if you fit the new program Back to Work that William mentioned, that might work for you instead. Best wishes,

i am not clear on when the deed was transfered out of your name? also the new program may or may not fit in your situation... i would contact a local mortgage loan officer and get some clear advice. best of luck!!

As long as your foreclosure is past 3 years we can finance you. Go ahead and get into touch with me to go over your options: P: 888-320-7888 - www.MortgagesforAmerica.org - Ken@MortgagesforAmerica.org - Ken Burrows

Immediately.

I am in Albuquerque and would be glad to educate you about all available options. Call or email me at your convenience. Charlie Sparks, 505-350-3745 or charlie@pinnaclecapitalnm.com, MLO# 195031 Thank you

Three years, but see the exception on FHA by William.