For those looking for a short-term injection of cash, for those 55 and over looking for extra income and who are planning on living in their homes for many years and are less concerned about leaving a legacy, it could be an avenue worth exploring. Other options include a line of credit or downsizing.
2017 FHA Guidelines. 1  Bankruptcy â You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy. 2  Foreclosure â You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date. Short Sale / Deed in Lieu â You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date. FHA treats short sale, deed in lieu and foreclosure as the same waiting periods.
Angie there are too many variables to guess. Most properties close within 30-45 days from it going under contract, cash sales will close quicker, conventional loans take about 30 dasy with fha loans taking about 45 days.If it is a short sale that was just put under agreement it could be 45 days up to 6 months.or privately owned sales-assume a normal 30-45 days...It could be less if it's a cash deal. For foreclosures-usually 30 days. For short sales-it should be 30-45 days after the 3rd party lender approves the contract.