FHA mortgages and a Foreclosure
Borrowers who have a foreclosure on their record and are trying to get approved for a new FHA mortgage should read this section.
General guidelines for getting approved after a foreclosure:
- Borrowers can get approved (3) three years after a foreclosure or a deed-in-lieu of foreclosure
Exception to the rule: If the foreclosure was the borrower's primary residence AND the foreclosure was due to extenuating circusmtances AND the borrower has since re-established good credit, exceptions can be made.
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