If you have had a prior foreclosure and you would like to get back in the market and buy again, there is good news.  FHA home loans only require a three year wait after a prior foreclosure to qualify for a new FHA loan in California.  The first thing you want to do is check the date the deed from the property that foreclosed transferred out of your name.  Give us a call at 858-922-7899 or email us at homeloan8@gmail.com and we can look this date up for you.  It is a three year wait time from the date that deed transferred out of your name to be able to apply again for a 3.5% down payment FHA home loan in California.

You also want to make sure you have NO derogatory credit items after your foreclosure.  The FHA loan underwriter will not look kindly on late payments, collections, charge-offs etc… that came after a major negative credit event like foreclosure.   It also helps if you have compensating factors like some cash reserves save up in the bank and a low debt-to-income ratio.

So I hope this gets you excited to get back into California’s real estate market to buy your home at today’s greatly reduced prices and record low 30 year fixed mortgage rates.