Life after foreclosure, short sales and bankruptcy means waiting to qualify for a new FHA mortgage
Posted: 09/10/2010
Foreclosures and short sales still occupy many alley lives.
But others are finding life after taking those steps and trying to get new mortgages.
Mortgage expert Dean Wegner says you can get a new traditional mortgage after filing bankruptcy, foreclosure or going through a short sale.
He says you have to wait at least 3 years.
Wegner also says an FHA loan requires a FICO score of 620, 3 1/2% down payment and 2 years of verifiable employment.
He says there are plans that might allow you to get a mortgage quicker.
But Wegner says those have many restrictions.
He also advises not to rush into another home ownership right away.
Wegner says lease for 6-12 months because the market is still unstable.
Wegner has more mortgage information at teamdean.com.
Copyright 2010 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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