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.
I just learned that I might be eligible for a Federal Housing Administration mortgage loan after my foreclosure in 2011. Do you think itâs wise to re-enter the housing market right now? â Andrew. Dear Andrew, You are correct. The Federal Housing Administration (FHA, not Fannie Mae) has shortened the waiting period to become eligible for a new mortgage after a foreclosure, short sale or bankruptcy from three years to 12 months.