Posted on: 01st Aug, 2010 07:29 am
I have a 100000 career as a Registered Nurse and have a foreclosure on my record from 2 1/2 years ago. My credit score is about 640. My boyfriend is self employed but has the option of getting a VA loan. He is in construction and has had to claim a loss on his taxes the last two years just to make it through. He has a credit score over 780. Is there anyone that will give us a mortgage loan under these circumstances???? Please help. My foreclosure was due to a divorce.
Thanks
Linda
Thanks
Linda
Hi Linda,
If you applying for new loan after foreclosure lender wilt put highest interest on mortgage. You can apply for mortgage after 1 year from date of foreclosure & as you say Regarding you circumstances you apply for FHA (Federal Housing Administration) Loan.
Requirements for FHA:
You have minimum 620 Credit score in order to apply for FHA.
Most recent bank statements.
Income proof like a payment sleep IT records.
Other required documents by creditor.
Thanks & Regards.
Gunz.ijjistaff :lol: :lol: :lol:
If you applying for new loan after foreclosure lender wilt put highest interest on mortgage. You can apply for mortgage after 1 year from date of foreclosure & as you say Regarding you circumstances you apply for FHA (Federal Housing Administration) Loan.
Requirements for FHA:
You have minimum 620 Credit score in order to apply for FHA.
Most recent bank statements.
Income proof like a payment sleep IT records.
Other required documents by creditor.
Thanks & Regards.
Gunz.ijjistaff :lol: :lol: :lol:
Is there any mortgage company that you would suggest?? Thanks for your feedback.
Linda
Linda
you have several options (see below). in my opinion, your best options may be to apply for an fha or a va home loan. we have offer both loan porgrams. to determine the best option, contact me direct and we can discuss in greater detail.
• fha guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down.
• hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but will a require 20 to 35% down payment. the interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.
• subprime lenders (not to be confused with hard-money lenders) are no longer making 100% financed loans.
• fha guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down.
• hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but will a require 20 to 35% down payment. the interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.
• subprime lenders (not to be confused with hard-money lenders) are no longer making 100% financed loans.
You can very well apply for the credit after bankruptcy is removed. Just get more guidance over this issue from Bankruptcy Lawyer, they may provide you better knowledge.