Posted on: 10th May, 2010 07:22 am
In a poor situation in Ohio, I lost my home to foreclosure in Jan. '08. I am now in a much more stable situation, and am looking to puchase a home in the next 9 to 12 months. What are my prospects for finding a low balance loan with a 20% downpayment being more than 3 years removed from the forclosure? By the way, my actual credit score may be even lower than with just a foreclosure as I have not been using credit at all since then. Is there someone out there who might manually underwrite a loan for me?
After a foreclosure, you would have to wait for at least 3-4 years in order to qualify for a loan. If you apply for a loan before that, you may have to pay the higher interest rate. I would suggest you to wait for sometime and then apply for a loan.