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credit repair to secure a mortgage in the future

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breschultz Joined: 10 Nov 2009 Posts: 1 1.39 Dollars($)	Posted: Tue Nov 10, 2009 5:31 pm    Post subject: credit repair to secure a mortgage in the future Like 0 Dislike 0 Hell0-- we need advice from a very experienced mortgage loan officer to help us in the following situation: We went through the foreclosure process over 2 years ago and vacated the property in December '09 when bank took over the property. We are now in a Contract-For-Deed situation that is going rather well. (we know the home owner/mortgage holder well)....we are trying to repair our credit score, re-build a savings account and pay down extra debt as quickly as possible. We do not know our credit scores and know that probably is first among other things. We are hoping to take over the mortgage for the home we are in currently but wondering how many years this may take due to the foreclosure on our credit report. What is the best specific strategy to ensure a 30 yr. fixed rate term at the low %.....realistically?
savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Wed Nov 11, 2009 3:32 am    Post subject: Like 0 Dislike 0 Hi, Quote: We went through the foreclosure process over 2 years ago and vacated the property in December '09 when bank took over the property. When was the foreclosure process completed? Was it completed 2 years ago i.e. in '07? You are required to wait for at least 2 years after foreclosure to apply for a new FHA mortgage loan. In case you want to get a conventional loan, you will have to wait for 3-4 years after foreclosure. If the foreclosure process was completed 2 years ago, you can start applying for an FHA loan, given your credit score is good. You should first check your credit scores. If it is near about 620 or more, you can apply for the loan. If it is less than that, you will have to improve your credit before you start shopping for the loan.

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