credit_killer wrote:
After a hardship (injury leading to job loss) leading to foreclosure (12/10/2008) when can I expect to be able to get into another home. We are working hard to rebuild our credit currenly midscore is at about a 600.
Income is good and rising currently at about $150k/year, we got a secure credit card to rebuild credit but that is our only debt. We will have about 10% down.
Since there was a medical condition that ultimately led to the foreclosure, this may represent an extenuating circumstance. As such, the waiting period after foreclosure for an FHA loan may be waived (normally it's 3 years). For a conventional mortgage after foreclosure with extenuating circumstances, the waiting period is 3 years (vs 5 years without).
So, in theory you may be able to obtain a new FHA mortgage now, though you'll need your credit score to climb a little more in order to improve your chances for approval. Just keep in mind that even though the waiting period may be waived, that doesn't guarantee a mortgage.
