Had a foreclosure 5 years ago, what is the likelyhood of pur

tybailey · Joined: 26 Nov 2007 Posts: 2 1.83 Dollars($)

Had a foreclosure 5 years ago, what is the likelyhood of purchasing another home soon?

michelle · Posted: Mon Nov 26, 2007 7:29 pm Post subject:

Welcome tybailey.

You should be able to purchase a home 24 months after the foreclosure. Many other things effect your ability to purchase another home now - your recent credit, employment history, rental history and assets will all be taken into account when approving you for the new mortgage.

If you think you are ready to purchase again, I would recommend you contact a mortgage professional for a consultation.

Best of luck to you.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi tybailey,

Welcome to this forum.

You had a foreclosure 5 years ago. So if your credit score is 600 or more and credit report is good, then you will be approved for a loan with reasonable interest rate.

Now do you have any late payments in recent times? Is you debt to income ratio is good enough to support you? These things will also be taken account for qualifying for the mortgage.

Thanks,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Tybailey,

I think you should be able to purchase a home now.

Your present credit will determine the rate of interest that you may avail. What is your recent credit score?

You may start looking for lenders and find out the rates offered by them.

banker0679 · Posted: Tue Nov 27, 2007 1:07 pm Post subject:

just to be more specific.

you will need to wait 24months for an FHA not conventional.

Conventionals should be 4yrs...BUT a lender may have their own guidelines which maybe stricter than FNMA/FHLMC

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