FHA
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Less than 2 Years Employment
My son does not meet the 2 year employment criteria. My wife and I are thinking about getting the loan on the house and then in 1 year, when he has 2 year employment, he can get the FHA loan transferred to him or refinance and receive a conventional loan. Is this possible?
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We had a foreclosure 4 years ago. How long until we can get another mortgage?
If you want to go with a Conventional Loan (Fannie or Freddie), the waiting period after a completed foreclosure is 7 years. However, for FHA loans the waiting period is only 3 years. Hope this helps!