Need some advice/education about short selling my home.

[GettingGoing]

Our mortgage was discharged and not reaffirmed in our ch7 BK last year. It is an FHA mortgage. Our daughter will be starting school soon and the schools she would attend are getting really ban. We have found a house in a very good school system and are thinking of doing a lease option and buying the house in a few years after our BK and short sale have seasoned. Would short selling our current home with an FHA mortgage disqualify us from ever getting another FHA,USDA or gov backed loan again? I keep searching the web for this answer and can't find it. Thanks.

[Pandora]

Here is the FHA website for you to review. Hope it can answer your questions / concerns

http://www.fha.com/fha_loan_requirements.cfm

ETA: Here is HUD's as well:

http://www.hud.gov/buying/loans.cfm

[GettingGoing]

I have been through both sites and I cant seem to find the answer to my question. I have read at various sites that defaulting from an FHA loan will disqualify someone from ever getting another FHA loan however I have also read that you can get another FHA loan 3 years from the date that the bank makes a claim to the FHA. I would just like some clarification.

[Pandora]

have you tried calling and asking HUD / FHA directly? They do have specialists that can answer the specific questions/concerns you have May be worth trying..

[chicagoannie]

I am curious on this subject as well. I know someone who has their house on the market (overpriced and not a short sale, with homes nearby listed at 2/3 her price and still not selling) and this person filed BK last year, house included. I could not figure out why they would go through the hassle of selling the home now. Maybe this future FHA mortgage issue is the reason. If you call HUD/FHA, GettingGoing, please update us!