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Mortgage Blog

When do I qualify for a Pennsylvania mortgage to buy a house after foreclosure?

February 26th, 2013 3:08 PM by Michael and Jill Kohler

A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.

Qualifying for FHA Loan after Foreclosure:

You need to wait for 3 years after the foreclosure to qualify for an FHA loan.

  • If the loan secured by the foreclosed property was not an FHA loan, the foreclosure time frame is measured from the foreclosure completion date.
  • If the loan secured by the foreclosed property was an FHA loan, the three year time frame is measured from the date FHA paid the insurance claim.
  • Defaulted time share loans are not considered foreclosures

Qualifying for VA Loan after Foreclosure:

To qualify for VA loan after foreclosure, the wait period is two years.

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Posted in:General and tagged: Pa Mortgage rates
Posted by Michael and Jill Kohler on February 26th, 2013 3:08 PM

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