Posted on: 22nd Mar, 2009 03:30 pm
My husband and I suffered a foreclosure 1 year ago. In the meantime, we have managed to build our credit to the 600 range. We have had an apartment for the past year and now looking to qualify for mortgage options. I was just wondering if we would be able to even qualify for a mortgage, given our credit score. Any advise?
The only program I know of that may work for you is a USDA Rural Development loan.
They have a 620 credit waiver that would allow them to overlook your foreclosure.
They have a 620 credit waiver that would allow them to overlook your foreclosure.
Hi julierose,
I agree with Chris. In order to get FHA or conventional loan after foreclosure, you'll have to wait for 3-4 years. Moreover, the lenders will charge higher rates of interest if you plan to take a loan before that. The USDA Rural Development loan is the only exception.
Thanks
I agree with Chris. In order to get FHA or conventional loan after foreclosure, you'll have to wait for 3-4 years. Moreover, the lenders will charge higher rates of interest if you plan to take a loan before that. The USDA Rural Development loan is the only exception.
Thanks
