Requirements To Get FHA Loan After Foreclosure

Feb 03, 2011  
As we all know tens of thousands of home owners suffered foreclosures in California over the past few years.  Well the good news is FHA loan requirements only require you to wait three years after your foreclosure to qualify for a FHA loan in California.  There was a large spike in foreclosures in California beginning in the spring of 2008, so this means you may be eligible to get back in the market and buy your dream home in California at today’s rock bottom real estate prices across the state. A key is to know the actual date the deed transferred out of your name back to the foreclosing banks name.  FHA loan guidelines require three years from this date to pass.  Give us a call at 858-922-7899 or email at if you want to buy in California and we can look the date up when your deed transferred back to the bank on your foreclosed house. If you had a chapter 7 bankruptcy and a mortgage was part of the chapter 7 bankruptcy, it is also three years after the bankruptcy discharge to get a FHA loan in California.  Otherwise if you just had a bankruptcy with no mortgage in the bankruptcy, FHA loan requirements allow for you to get a FHA loan only two years after the bankruptcy discharge. So in summary the great news is your can be right back in the market to buy a home with a FHA loan mortgage only three years after a foreclosure.  And this time you can buy a today’s incredibly low California real estate prices where payments are LOWER than rent, and you will get a low interest 30 year fixed FHA home loan and set yourself up for success to pay the loan off and enjoy your home for many years. Don't hesitate to email me at or call at 858-922-7899 if you have any questions or would like to be approved for a FHA home loan in California. And below are some the most recent highlights of FHA loans in California:
  • FHA loan down payment is only 3.5% and that can be a gift from a relative
  • FHA loan requirements allow for a non-occupant co-borrower to help you qualify
  • FHA loan guidelines allow for 3.5% down payment when you buy a 2-4 unit if you plan to occupy one unit
  • FHA loan limits in California go up to $729,750 (which means you can buy a house for $756,000) in many areas of California such as San Jose area, San Francisco area, Los Angeles, Orange County and San Diego.
Regards, Rob Chomentowski Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist) 858-922-7899