Posted on: 17th Aug, 2010 04:50 pm
Are there any lenders that will loan in California if a person has a foreclosure that is 2 years old with 20% - 25% down and income over $100K?
Hi ybhomes,
After a foreclosure, you will have to wait for 3-4 years in order to qualify for a loan. However, as 2 years have passed since your property was foreclosed by the lender and as you've a good amount of down payment, you may apply for a loan. However, if the lenders are ready to give you a loan, you would have to pay a high interest rate.
Thanks
After a foreclosure, you will have to wait for 3-4 years in order to qualify for a loan. However, as 2 years have passed since your property was foreclosed by the lender and as you've a good amount of down payment, you may apply for a loan. However, if the lenders are ready to give you a loan, you would have to pay a high interest rate.
Thanks
Hi James, thanks for you reply, I'm actually trying o find a loan for a client. I tried a few lender here and they are saying 5 years. I know I had gotten loans on foreclosures before with two years after a foreclosure, however, that was at the height of the market. Where are you located?
Hi Yolanda,
Well... I'm based at Nevada, but I'm not a lender.
As far as I can understand the situation, your client needs to wait for the said time period in order to qualify for a loan.
Thanks
Well... I'm based at Nevada, but I'm not a lender.
As far as I can understand the situation, your client needs to wait for the said time period in order to qualify for a loan.
Thanks