Posted on: 21st Jul, 2009 05:33 pm
If a person had their property foreclosed in Indiana more than 4 years ago, have rebuilt their credit, and have a 20% equity basis in a rent-to-own property would it be easy for them to get a mortgage? The person still has the same job making good money - they both do (husband / wife). Thoughts? Who should they work with on this?
Hi sales,
There is a waiting period of 4 years after a foreclosure to qualify for a conventional loan. Since the foreclosure on your credit is more than 4 years old, you should qualify for a conventional mortgage. However, you need to improve your credit since the time the foreclosure took place. With 20% equity, consistent work history and a good income, I believe you do have a good chance of getting a conventional loan. Contact your local lenders and see if they can offer you a loan with good rates and terms.
There is a waiting period of 4 years after a foreclosure to qualify for a conventional loan. Since the foreclosure on your credit is more than 4 years old, you should qualify for a conventional mortgage. However, you need to improve your credit since the time the foreclosure took place. With 20% equity, consistent work history and a good income, I believe you do have a good chance of getting a conventional loan. Contact your local lenders and see if they can offer you a loan with good rates and terms.
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I would love to assist you. Email me back, and let's discuss!
MSmith@PrecisionFundingUSA.com
M
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I would love to assist you. Email me back, and let's discuss!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
Jenkin is right.... You can get mortgage with good interest rates, depending on your credit score and your income.....