How to qualify for an FHA loan after exclusion

1. Qualifying For FHA Loan After Foreclosure is now possible for homebuyers who meet the mandatory waiting period after foreclosure.

- Fannie Mae and Freddie Mac are the two mortgage giants that are in charge of setting standards and lending guidelines on Conventional Loans
- Fannie Mae and Freddie Mac categorizes foreclosure and deed in lieu of foreclosure into two separate categories and the waiting period differs between the two
- The mandatory waiting period to qualify for a conventional loan after the recorded date of foreclosure is seven years
- The mandatory waiting period to qualify for a conventional loan after the recorded date of a deed in lieu of foreclosure is four years

2. Qualifying For FHA Loan After Multiple Foreclosures

* Many folks invested in real estate prior to the 2008 real estate and mortgage meltdown.

- Real estate values were escalating and appreciating double digits year after year
- The real estate market was hot and lending was easy
- No doc loans and subprime mortgages were the names of the game and it was very difficult not to make money investing in real estate
- Then the big real estate crash came like a major hurricane in 2008
- Hundreds of thousands, if not millions, of real estate investors, not just lost their real estate investment portfolio but also ended up losing their personal homes
- There are so many folks who have multiple foreclosures
- I have many borrowers who are looking to become homeowners again but have multiple foreclosures
- Homebuyers can qualify for FHA Loans after multiple foreclosures
- How this works is the waiting period applies to all foreclosures
- Whether it is one property or ten properties that a person had in the past, it does not matter

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