Tagged : FHA

Found 1 blog entry tagged as "FHA".

Exceptions to FHA Three Year Rule
By: Alan Aptheker

One of the functions of the Federal Housing Administration, or FHA, is to insure home loans so you’re able to pay less money down, plus, have some more wiggle room if your debt-to-income ratio is a bit higher than the bank’s typical threshold to approve a loan.  If you’ve gone through a foreclosure, it is widely known that at least a three year “cooling off” period is required before you can obtain another FHA loan. Not always the case.  There are exceptions, and not many folks know about them.

Here’s one.  The lender may be willing to grant you an exception to the “three-year” rule if your foreclosure was the result of an “extenuating circumstance,” that is, beyond your control. Example: a serious illness or death of a main bread

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