Posted on: 22nd Aug, 2009 01:25pm
Foreclosure has serious negative implications on your mortgage purchase. In fact buying a home after foreclosure becomes very difficult. You not only have to pay more but at the same time you have to wait for a long time to get the approval. Usually, the waiting period for mortgage after foreclosure for an FHA loan is 2 years and for a conventional loan, the waiting period is 3-4 years.
In order to get approval for mortgage after foreclosure, you should have a good credit score and must be in a position to make the required down payment. You must try your best to improve your score and save money to make the down payment so as to get the approval.
In order to get approval for mortgage after foreclosure, you should have a good credit score and must be in a position to make the required down payment. You must try your best to improve your score and save money to make the down payment.
In order to get approval for mortgage after foreclosure, you should have a good credit score and must be in a position to make the required down payment. You must try your best to improve your score and save money to make the down payment so as to get the approval.
In order to get approval for mortgage after foreclosure, you should have a good credit score and must be in a position to make the required down payment. You must try your best to improve your score and save money to make the down payment.
We had a foreclosure in may 2007.
We have no debt and credit score above 700.
To purchase a house, we offer to pay cash 60% and were looking to finance 40%.
We are told that we cannot qualify for mortgage even with a large down payment as the foreclosure is not three years old, is tis correct??
We have no debt and credit score above 700.
To purchase a house, we offer to pay cash 60% and were looking to finance 40%.
We are told that we cannot qualify for mortgage even with a large down payment as the foreclosure is not three years old, is tis correct??
I was in the same boat, I was able to get a mortgage from my credit union after 1 year.this was do by them walking me through my budget, and paying down bills. Please try your credit union, if you don't have one join a community credit union. Had I talked to them they could have save my home.
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We can find mortgage after foreclosure but it is the more valuble thing is to find out the right lender.
My husband and I had a foreclosure and bankruptcy in 2009 aftter we lost our business and 40% of our income. We are now buying a new house and can't seem to get a straigt story about the tuype of loan we may quality for. Our credit scores are 722 and 733. One loan officer tells us we can only get an FHA loan while another tells us we can get a conventional. What are the guidelines for a conventional after a foreclosure?
Hi Debbie,
As you have a credit score of more than 700 and as 3 years have already passed since your foreclosure, you may be able to qualify for a conventional loan. You should contact the local lenders and start applying for conventional loans.
Thanks
As you have a credit score of more than 700 and as 3 years have already passed since your foreclosure, you may be able to qualify for a conventional loan. You should contact the local lenders and start applying for conventional loans.
Thanks