Posted on: 17th Jul, 2009 02:23 pm
Had a foreclosure in 06. ( got sick, had to reduce hours to nothing, bank was NO help)
Have recovered nicely thank you, and am now enjoying a great job, making 180K yearly.
Wife and I will be relocating to AZ from CA and want to purchase a condo. Done some research and can afford a 30% to 50% down (based on 300K max)
What are my chances for financing, what can I expect from lenders. Is it even worth the headache.
Ron
Have recovered nicely thank you, and am now enjoying a great job, making 180K yearly.
Wife and I will be relocating to AZ from CA and want to purchase a condo. Done some research and can afford a 30% to 50% down (based on 300K max)
What are my chances for financing, what can I expect from lenders. Is it even worth the headache.
Ron
Hi Ron,
You need to wait at least for 2 years after a foreclosure to qualify for an FHA loan. For conventional loan, you need to wait 3-4 years. Since the foreclosure occurred in '06, I believe you can apply for FHA loan. However, you should have improved your credit since the time of foreclosure. What is your credit score? If it is more than 620, you can qualify for an FHA loan. A 30-50% down payment will no doubt help you in qualifying for the loan. Thus, I believe you do have a chance to qualify.
You need to wait at least for 2 years after a foreclosure to qualify for an FHA loan. For conventional loan, you need to wait 3-4 years. Since the foreclosure occurred in '06, I believe you can apply for FHA loan. However, you should have improved your credit since the time of foreclosure. What is your credit score? If it is more than 620, you can qualify for an FHA loan. A 30-50% down payment will no doubt help you in qualifying for the loan. Thus, I believe you do have a chance to qualify.
Hi,
you can go ahead for mortgage. a lot depends upon your credit score & down payment you can make.
i hope you have already cleared your old credit.
if you have a minimum score of 580, you'll be able to get an FHA mortgage. For other conventional loans at favorable rates, a better score of 680 and above are currently required.
I suggest that you start loan shopping. Otherwise you won't know whether it's possible to get a suitable loan offer now. You may also request for a no-obligation free mortgage quote from our community lenders. The lenders have a wide range of loan programs to offer. So, hopefully they'll be able to help you with a loan programs that fits you. And, once you receive the quotes, feel free to discuss the offers with our community experts in forums.
you can go ahead for mortgage. a lot depends upon your credit score & down payment you can make.
i hope you have already cleared your old credit.
if you have a minimum score of 580, you'll be able to get an FHA mortgage. For other conventional loans at favorable rates, a better score of 680 and above are currently required.
I suggest that you start loan shopping. Otherwise you won't know whether it's possible to get a suitable loan offer now. You may also request for a no-obligation free mortgage quote from our community lenders. The lenders have a wide range of loan programs to offer. So, hopefully they'll be able to help you with a loan programs that fits you. And, once you receive the quotes, feel free to discuss the offers with our community experts in forums.