Detailed Instructions: Given a passage and a query based on the passage, generate an unambiguous, concise and simple answer to the query from information in the passage. Note that the answer may not be present in exact form.
Problem:As little as 5% down, plus mortgage insurance, can secure you a conventional home loan, but you'll wait longer than 2 years in order to qualify, perhaps as long as 7 years. VA Loan requirements after a short sale are only 2 years, offer 100% financing, no required mortgage insurance and a FICO score of 550 or better. Qualifying for an FHA Loan After Foreclosure FHA loans are the most forgiving of foreclosures. To qualify for an FHA mortgage loan, you must wait at least three years after the foreclosure. The three-year clock starts ticking from the time that the foreclosure case has ended, usually from the date that your prior home was sold in the foreclosure proceeding. That leaves about 4 million families who lost their homes to foreclosure who may still have it listed on their credit reports. That's a lot of people who potentially may want to buy a home within seven years of foreclosure. To be approved for a home loan within seven years of a foreclosure, here are some loan options and things to do: Improve your credit score FICO credit scores range from 300 to 850 and most mortgage lenders require at least a 620 to 660 score. The Federal Housing Administration (FHA) is not a mortgage lender; the FHA does not make loans. Rather, it insures loans for banks that do. The FHA publishes a compendium of rules known as FHA mortgage guidelines and so long as a mortgage meets of the rules' minimum standards, the FHA will insure the loan-issuing bank against default. A better name for an FHA mortgage, then, might be FHA-insured mortgage; it's a more accurate reflection of the relationship between the FHA and mortgage lender nationwide. FHA mortgage insurance is available for any loan which meets the following two conditions 1 : The loan must be made by an approved FHA lender. 2 The loan must meet the minimum standards of the FHA Mortgage Guidelines. 1 What types of home loan can you get after bankruptcy? 1.1 FHA Loans; 1.2 VA Loans; 1.3 Conventional Loans; 2 How does bankruptcy affect your credit score? 3 Can you buy a house even after a foreclosure? 4 What if you had both a bankruptcy and a foreclosure? When you are ready to fill out an FHA loan application in the wake of a short sale, what do the FHA loan rules say about having such a transaction on your record? FHA loan rules for new loans following a short sale may seem complex--the rules that apply to you often depend on the status of your mortgage loan prior to the short sale. We have written about these rules in the past, but since the publication of the FHA Single Family Loan program handbook, HUD 4000.1, there have been many changes and updates to portions of FHA home loan policy. FHA has a list of short sale (also known as a "pre-foreclosure sale) rules and regulations in HUD 4000.1 for borrowers looking to become homeowners once more. At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. Simply fill out the 4-step questionnaire and find out: 1 If you are eligible for a home loan, 2 If you can apply for a loan now or need to wait longer, and. 3 What type of home loan you are qualified for. Buying Another Home After Foreclosure. Depending on your previous loan amount and where in the country you're buying, you may have enough VA loan entitlement left over to qualify for another loan. You'll want to get a look at your Certificate of Eligibility to see how much you have left, if any. Prospective buyers can do this themselves or ask a lender for help. Along with any required waiting period, you'd also need to meet the standard credit, debt-and-income and related requirements ... Query: how long do you need to wait for fha loan after foreclosure
Solution:
You need to wait for three years fha loan after foreclosure.