I co-borrowed on a house and had to short sale 5 years ago.. can i still qualify for an FHA home loan if its my second time?

Generally the industry standard for getting a mortgage after a short sale is 3 years. That can vary, but it's pretty standard. As for first time buyer incentives, if you haven't owned a home in 3 years you may qualify for some incentives. If you're not on the mortgage note, and your income isn't taken into account, your credit history may not even be a factor. You're best-off talking to a local mortgage consultant about your particular situation to see what's available. Good luck and stay encouraged!Dan MoyleAmeriFirst Home Mortgage / media & marketing

There aren't any first time home buyer incentives, that ship sailed several years ago.. As far as qualifying, FHA has a program where you can purchase 12 months after a short sale or foreclosure, with certain restriction, and you can purchase 36 months after a short sale or foreclosure with normal qualifying.. so If your 5 years out, then you should be ok as far as the mandatory waiting period, but you will still need to qualify with credit, credit scores, income, job, assets, etc... 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

There are really no first time home buyer incentives left. To answer your question, you can still qualify for an FHA loan. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Jamie Lynne - 800 315 8803 - www.bartprequalifies.com - Jamie@bartprequalifies.com

Hi Keith - The foreclosure must be 3 years out from the date HUD paid the lender. As long as you have re-established credit, a credit score of a 620 or higher; and no major collections, bankruptcy, judgments, then you should be in good shape to move forward. - Colby Neal

You will need to be three years removed from the short-sale date of the home, and a 640 credit score with most FHA lenders that I know in Kentucky.Usually the FHA underwriter will want a clean history on the credit report for the last 24 months, with a strong rental/housing history.