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ybhomes · Joined: 17 Aug 2010 Posts: 1 1.29 Dollars($)

Are there any lenders that will loan in California if a person has a foreclosure that is 2 years old with 20% - 25% down and income over $100K?

jameshogg · Posted: Tue Aug 17, 2010 9:25 pm Post subject:

Hi ybhomes,

After a foreclosure, you will have to wait for 3-4 years in order to qualify for a loan. However, as 2 years have passed since your property was foreclosed by the lender and as you've a good amount of down payment, you may apply for a loan. However, if the lenders are ready to give you a loan, you would have to pay a high interest rate.

Thanks

Guest

Hi James, thanks for you reply, I'm actually trying o find a loan for a client. I tried a few lender here and they are saying 5 years. I know I had gotten loans on foreclosures before with two years after a foreclosure, however, that was at the height of the market. Where are you located?

jameshogg · Posted: Thu Aug 19, 2010 12:02 am Post subject:

Hi Yolanda,

Well... I'm based at Nevada, but I'm not a lender.

As far as I can understand the situation, your client needs to wait for the said time period in order to qualify for a loan.

Thanks

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