Posted on: 23rd Oct, 2013 01:30 am
We recently lost our house is foreclosure as we were unable to modify the terms of the loan. I am employed but I do not have any credit. I have a co-signer who has excellent credit. In this case, will I be able to help my parents get a house?
Immediately after a foreclosure, it will be difficult for you to qualify for any kind of loan. You will have to wait for 3-4 years in order to get a mortgage to buy a house.
Well, it is not so easy to get a loan right after you have faced foreclosure. The best thing is to wait for few years so that you can obtain a loan to purchase house for your parents.
Generally, you'd have to wait for 3-4 years after a foreclosure to qualify for a mortgage. However, FHA has recently reduced the waiting period to about a year. So, you may consult an HUD-approved housing counselor for that matter.
Who owned the house that was the subject of the foreclosure?
Did you own it or did your parents own it.
If the parents owned it, they cannot get a mortgage any time soon.
In that case, if you are buying a house with a co-signer and you have no credit history at all, you could buy a house for the parents to live in. If you have absolutely no credit history at all, it may have to be manually underwritten and you will have to find a lender who does manual underwriting---not many do.
If you had the foreclosure, a cosigner cannot help you and you cannot get a mortgage now.
Did you own it or did your parents own it.
If the parents owned it, they cannot get a mortgage any time soon.
In that case, if you are buying a house with a co-signer and you have no credit history at all, you could buy a house for the parents to live in. If you have absolutely no credit history at all, it may have to be manually underwritten and you will have to find a lender who does manual underwriting---not many do.
If you had the foreclosure, a cosigner cannot help you and you cannot get a mortgage now.
