FHA Bankruptcy Seasoning Requirements

Do I qualify for a FHA loan with a Bankruptcy? You may be eligible for a mortgage if: The property was included in a bankruptcy caused by circumstances beyond the borrower’s control, such as: the death of the principal wage earner, or a serious long-term uninsured illness, and Chapter 7 Chapter 7 bankruptcy does not disqualify you […]

What Are Extenuating Circumstances

Fannie Mae describes extenuating circumstances as isolated events that are beyond someone’s control that results in the sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations. Extenuating circumstances must be documented. Examples include medical reports or bills, notice of job layoff or severance papers, etc.. The extenuating circumstance needs to be substantiated […]

Bankruptcy Foreclosure Seasoning For Best Mortgage Lender in Dallas TX

Bankruptcy and Foreclosure Seasoning

Below are the seasoning requirements for various types of loans. Foreclosures, Short Sales, Deed-in-Lieu, Preforeclosure, and Charge-Off of Mortgages are all treated the same when it comes to seasoning requirements. All are measured from the date that the title was actually transferred out of the homeowner’s name and into the bank’s name. Conventional FHA Requirements VA Requirements