Situations that could be considered factors include death, illness, job transfer, or an accident that results in severe injury. If extenuating circumstances have been documented, the number of years one has to wait for a conventional loan could be directly impacted. A federally insured FHA loan is considered one of the best options for obtaining a mortgage after foreclosure. The minimum amount of time required between completion of foreclosure until approval of an FHA loan is three years. This is regardless of extenuating circumstances, and borrowers will still need to prove that they are up to date on bill payments after the foreclosure to get approved.
92
Powered by FlippingBook