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.
2016 Buy Again After with a FHA Home Loan. An FHA loan is the second most forgiving depending on the type of event. If you have gone through a bankruptcy, it is 2 years from the discharge date before you can officially qualify for an FHA loan program. If you have gone through a short sale or foreclosure it is 3 years from the change of title.