How soon after foreclosure can I get an FHA mortgage?

There is not a specific answer to your question. It is going to depend on the FHA rules at the time of application, the guidelines and overlays of the bank you apply at, and the other risk factors presented in your application to the underwriter. But for a general time, currently in FHA guidelines, you will not be able to be approved for a loan for a minimum of 24 months after a foreclosure, short sale, or bankruptcy involving a home. If you have any more questions please let me know if I can help. -Jeff Schnell BNC National Bank NMLS409473 316-206-3158 jschnell@bncbank.com

Currently, FHA has the "Back to Work" program. If you can document a 20% reduction in income and it was that reduction in income that resulted in your foreclosure, and you have re established good credit since then with no late payments on any obligation, and your not taking advantage of the market, then the waiting period is 1 year.. Otherwise, you would have to wait 3 years. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com