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Getting a FHA Loan After Foreclosure

I cosigned for a home my son lost due to being hospitalized and then laid off. I had bought a new car after co signing for the home. I couldn't pay the house payment and my car payment on my own along with other expenses back then.

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My credit is around 720 I kept my bills paid every month never falling behind on anything.

My car and another I had cosigned for are paid off now.

I want to buy a home with a FHA loan. Will I be able to get the loan just being out of foreclosure since March 5, 2009 and my son being out of the house April 5, 2009 as ordered by the judge? I had signed a quit claim deed so he could borrow money from the credit union in a equity loan on the home back then.


Hello and Welcome;

Thanks for stopping by and asking a question. I'm not sure you will get this answer since you did not click the box to be notified when I answer, but here it is.

FHA requires a 3 year waiting period if you have been through foreclosure. You may want to check out my webpage on FHA Loan Requirements for additional information.

This page also talks about credit requirements which you appear to have met already. You have to have a spotless record since the foreclosure. Since you have a 720 credit scores you have done well and want to keep that up until March of 2012.

Your 3 years will have expired by then and you should qualify for an FHA loan.

Sorry, I wish I had better news for you, but that is the guidelines lenders use and will insist you meet.

In the mean time, keep your bills paid on time and before you know it the 3 years will have passed.

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Kind Regards,

Jeffrey Ragan

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