How long do I need to wait to get another FHA loan?

Oscar (Guest) on Wednesday, October 24 2012, 09:41 AM
My wife and I bought our first home in Medford with an FHA loan in 2006. I had to short sell the same house in 2009 because I lost my job due to illness. I would like to know when I can apply for another FHA loan?
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    Replied by Attorney Marco Schiavo on Wednesday, October 24 2012, 01:39 PM · Hide · #1
    The Federal Housing Administration, or FHA, understands that there are situations out of your control that force a short sale. There are three possible scenarios:

    1. If you had a hardship that caused you to short sell while you were current on your mortgage, current on other installment debts and are not liable to pay a deficiency, then you can immediately apply for another FHA mortgage.

    2. If you were in default of your mortgage at the time of the short sale you cannot apply for another FHA loan for three years from the date that the FHA claim is paid on the short sale.

    There are some exceptions to this bar including death or uninsured illness. More specific information can be found here.

    3. You are barred from applying for another FHA mortgage if you pursued a short sale on your primary residence because of decline in value of your home due to market conditions, and then later attempt to purchase in the same area.
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