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When can I qualify for a mortgage and what kind?

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tamlyn1002 Joined: 17 Mar 2011 Posts: 2 1.55 Dollars($)	Posted: Thu Mar 17, 2011 1:56 pm    Post subject: When can I qualify for a mortgage and what kind? Like 0 Dislike 0 Hi, my husband and I had a foreclosure in 2008. It was assigned back to the bank 12/08 with the order of assignment retroactive to 3/08. So i guess my first question is when does the seasoning period begin? We are also paying via contract for deed on 4.5 acres in North Dakota where we are presently living. Surprisingly, our credit scores are not too terrible, they're in the high 600, low 700. When can we hope to put a house on this property, how much should we plan to have down, would it be better to own the property outright and have less cash or owe more on the property and have more cash? I'm just spinning with questions and don't know where to get answers. Thanks a bunch!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Mar 17, 2011 9:36 pm    Post subject: Like 0 Dislike 0 Hi tamlyn! Welcome to forums! After a foreclosure sale is complete, you need to wait for 3-4 years in order to qualify for a mortgage. You need to contact local lenders and apply for a loan. As your credit score is not that bad, you may be able to get a mortgage now. Feel free to ask if you've further queries. Sussane
tamlyn1002 Joined: 17 Mar 2011 Posts: 2 1.55 Dollars($)	Posted: Fri Mar 18, 2011 6:37 am    Post subject: Like 0 Dislike 0 Thanks for the answer Sussane! Do you know if it would be easier to qualify with a larger down payment in cash or if I should buy the property outright and have a smaller cash down payment? Also, we were planning to buy a modular home on a foundation, would that make a difference in the financing type? Thanks again! Tamlyn
franko Joined: 22 Sep 2010 Posts: 10 Location: CA, TX, FL during the year 2.61 Dollars($)	Posted: Fri Mar 18, 2011 10:18 am    Post subject: Like 0 Dislike 0 wait at least 24 months and a private banker may do this with attractive rates. I had a short sale 2 years ago, with 1 30 day and 1 60 day mortgage late due to short sale and still to my amazement have 70 scores. Finally, the system is taking into acct all of outstanding credit from the past and presently. Dumb system when you have to be late in order for lender to allow a short sale or loan mod. _________________ Get a FREE Business Listing in your state? - No Catch.

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