qualifyin for a mortgage after foreclosure

We had a home foreclosed over 3 years ago due to my husband's job loss (health problems) and a Chapter 11 Bankruptcy over 3 years ago. Can I qualify for a housing loan? Would it help to have my father co-sign?

Hi TJones,

As the property was foreclosed and you went through a bankruptcy 3 years ago, you may be able to qualify for a FHA loan. If your credit or income is poor, then you can ask your father to co-sign for the loan.

Thanks

Hi me and my wife had a forclosed home 2008, since then i have build my credit up, but its still on my report. we have 20% to give down on a new loan and my father as a co-signer is this possible

Hi mayareyes!

Welcome to forums!

After a foreclosure, you will have to wait for 3-4 years in order to qualify for a mortgage. However, as your credit score has improved and as you'll be able to give 20% down, you may get a mortgage though the interest rates that you may be charged will be a bit higher.

Feel free to ask if you've further queries.

Sussane

my husband & I have rebuilt our credit, my scores are in the high 600's, however my husband has the income(retired Navy), but he has a foreclosure on his credit, November 2010 will be three years. Is there any lenders that will go by my credit and his income? The home we like to purchase is only $58,000.

Welcome Charlean,

It has been three years since your husband filed foreclosure. In that case, both of you can apply for a mortgage in order to buy the property. If your credit scores and good and both of you have a stable income, then both of you'll be able to qualify for a mortgage.

Hello! I had a foreclosure 3/2007 as a single person.Since then I have remarried She is a medical billing specialist.In joint we have started a company called jj trash/cleanout doing mortgage foreclosure cleanouts & repair [I do most of the work as my wife works 300 miles east for 10 days then comes home her 4 days off every other week.] We started buying a mini farm last dec thru a private mortage No relative. Not reported on credit reports. How ever We must obtain a larger farm as we have expanded our herd and our jj trash/cleanout we do not have enough land nor buildings. Is there any lender that would do a mortgage loan with my wife having above 760 accross the board but much debt and my having 580 to 637 credit scores and no other debt? Thank-you.

HOW DO I KNOW THE EXACT DATE OF MY FORECLOSURE

To Donald,

Your wife has a good credit score. It will be easier for her to qualify for a conventional mortgage. In my opinion, she should apply for a mortgage so that both of you can buy a large farm.

To CV,

The lender will send you a notice mentioning the date of the foreclosure.

Hello, My home was foreclosed on 08/2007, due to a extended leave of absence from work, my son having serious complications from a surgery. I had some items on my credit report, due to me having no income. I have paid off all delinquent/credit collections on my credit report, and they have been removed from my credit report. I have opened 2 new credit cards, combined debt on both cards is 86.00. My fico score has jumped from 486 to 644. Would I now qualify for a FHA loan, and how much should I have for a down payment?

Hi Marie,

Your query has been replied to in the given page:
http://www.mortgagefit.com/foreclosure/loan-700score.html#186413

Take a look at it. Hope it helps you.

Thanks

We had a foreclosure on a previous home about 3-4 years ago. We own our current home free and clear. When would we be eligible for a reverse mortgage?

Hi Russell,

As the property is free and clear, you will be able to take out a reverse mortgage on it. However, in order to get the loan, you will have to be at least 62 years of age.

Thanks