Posted on: 13th Jan, 2014 12:39 am
Hi! I need to know as to how soon will I be able to get a mortgage? We went through a foreclosure in early 2013. We can save a good down payment within a year. How soon can we get a mortgage?
Hi Diannee,
You need to wait for 3-4 years in order to get qualified for a new mortgage after foreclosure.
Thanks,
Jerry
You need to wait for 3-4 years in order to get qualified for a new mortgage after foreclosure.
Thanks,
Jerry
Hi Diannee!
Welcome to the forums!
Yes, Jerry is right in saying so. You will have to wait for 3-4 years in order to get a new mortgage. Meanwhile, you can take steps to improve your credit situation.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Yes, Jerry is right in saying so. You will have to wait for 3-4 years in order to get a new mortgage. Meanwhile, you can take steps to improve your credit situation.
Feel free to ask if you've further queries.
Sussane
If you have VA eligibility you can finance after just two years
If not FHA allows get a mortgage after 3 years -
if there were circumstances out of your control that caused the foreclosure the new back to work program may be an option for you
There is no way to speed this along -
Make sure you rebuild your credit while you are waiting
Brian Barnes
ENG Lending
Nationwide Lender
If not FHA allows get a mortgage after 3 years -
if there were circumstances out of your control that caused the foreclosure the new back to work program may be an option for you
There is no way to speed this along -
Make sure you rebuild your credit while you are waiting
Brian Barnes
ENG Lending
Nationwide Lender
Since you have faced foreclosure, you'll have to wait for at least 3 to 4 years before you may be able to take out a new loan. Try to save the down payment amount for your new loan so that you can pay it when you get approval for a mortgage.
The above post has been made by Kate Kelley.