FHA Loans after Financial Hardship - Bankruptcy, Foreclosure, Short Sale
Many families have experienced a major financial harship during the past decade such as Foreclosure, Bankruptcy, or Short Sale. Economic turmoil effected millions, creating these financial hardships for many familes across the Country in the form of Bankruptcy, Foreclosure and Short Sale.
We have good news for American Home Buyers:
You may qualify for a FHA Loan with VanDyk Mortgage as soon as 2-3 years after one of these events.
Here is a quick list of the waiting period for each Hardship for FHA Loans below.
FHA Loans after Financial Hardship:
- FHA Loan after Bankruptcy – as soon as 2 yrs after Bankruptcy 7 Discharge
- FHA Loan after Bankruptcy – as soon as 1 day after Bankruptcy 13 Discharge *(can also be used to payoff BK 13 and exit Bankruptcy)
- FHA Loan after Foreclosure – as soon as 3 yrs after Foreclosure Sale Date
- FHA Loan after Short Sale – as soon as 2-3 yrs after Short Sale date (situational)
**Short Sales due to relocation and/ or job transfer, that had no late Mortgage Payments prior to date of move may be eligible sooner than 3 yrs (sometimes immediately after sale).
Note – We also offer FHA Jumbo Loans 24 months out from Bankruptcy, 36 months out from Foreclosure, and Short Sale as well. These are also known as FHA High Balance Loans
It is important for FHA loan qualification that you have no late payments of any type after the date of the Hardship. Please call us to review if you have specific questions about your scenario.
If you have experienced one of these financial hardships, please give us a call to find out how soon you may qualify to purchase a new home, upgrade your existing home, or refinance your current loan to take advantage of low interest rates utilizing an FHA Loan and the current Higher FHA Loan Limits – 866-900-2342 toll free direct. or Get Started Online here.
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