FHA loan with foreclosure

[casmith1980]

I know that the "standard" timeframe is 3 years with a foreclosure on your credit report before you can qualify for a new mortgage, but I was wondering if anyone has had any luck getting an FHA loan PRIOR to the 3 years?

My DH has a foreclosure on his reports that will be 2 years old by the time we are looking to buy our new home.  I "can" qualify on my own, but I would prefer to have him on the loan as well (obviously so I can use his salary as well lol).  By the time we hit the 2 year mark, his scores should be in the low 700's.  (FWIW, he had to foreclose due to hardship reasons which can easily be documented)

Just curious if I'm hoping for the impossible or if someone actually has been approved prior to the 3 years (I read somewhere that each case is different but I'd like some fellow Fico members to chime in)

Thanks!!!!

[Walt_K]

Pretty sure FHA allows for new loans inside the 3 year timeline if you can show hardship.  I don't know what qualifies as hardship.

[FSUGAPEACH]

I can tell you for us it was 3 years (actually 3 1/2) and the UW process was grueling even after the 3 year mark and scores in the high 600s

[Lel]

As mentioned, if there are "extenuating circumstances" then the 3 year waiting period can be waived.  The circumstances have to be rather extreme - typically the death or permanent disability of a wage earner.  Job loss/unemployment, involuntary relocation, adverse market conditions (loss of home value), divorce, child support, etc. would not be considered extenuating circumstances that would allow for a shorter waiting period.

[casmith1980]

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@FSUGAPEACH wrote:
I can tell you for us it was 3 years (actually 3 1/2) and the UW process was grueling even after the 3 year mark and scores in the high 600s

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That's what I'm afraid of.  I'm prepared to finance the house in just my name, but I would prefer for my DH to be on the loan as well.  Besides the foreclosure, his credit is perfect

One more question...how soon before I want to move should I start this process?  I know if I buy a foreclosure or a short sale the process is longer, but if I want to move by August 1st 2013, should I start looking at houses 4 months or more prior?  

[casmith1980]

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@Lel wrote:

As mentioned, if there are "extenuating circumstances" then the 3 year waiting period can be waived.  The circumstances have to be rather extreme - typically the death or permanent disability of a wage earner.  Job loss/unemployment, involuntary relocation, adverse market conditions (loss of home value), divorce, child support, etc. would not be considered extenuating circumstances that would allow for a shorter waiting period.

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Darn.  It appears that his reason wouldn't be extenuating circumstances then.  I had lost my job 3 years ago (I was the bread winner) and my DH's ex decided to move clear across town with their child so we made the executive decision to move across town so we can have custody of him.  I guess I should just plan on doing this on my own

[DallasLoanGuy]

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@Lel wrote:

As mentioned, if there are "extenuating circumstances" then the 3 year waiting period can be waived.  The circumstances have to be rather extreme - typically the death or permanent disability of a wage earner.  Job loss/unemployment, involuntary relocation, adverse market conditions (loss of home value), divorce, child support, etc. would not be considered extenuating circumstances that would allow for a shorter waiting period.

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exactly right