Posted on: 08th Jun, 2010 02:14 pm
Hi,
My first post. I am fresh out of foreclosure for a home I bought in 2006 then had to move due to a job loss. I have since started a small company and managed to save enough for about 25% down for a home. I found a place I like and can get it for $135,000 and I am willing to put $35,000 down.
My credit scores are 653, 653, and 650. I thought it would be lower with the foreclosure but I guess I did everything else right.
I had heard of some mortgage brokers who are willing to give loans at high rates for people like myself. So my question is, is there a web site that list these brokers?
Thanks,
Bob
My first post. I am fresh out of foreclosure for a home I bought in 2006 then had to move due to a job loss. I have since started a small company and managed to save enough for about 25% down for a home. I found a place I like and can get it for $135,000 and I am willing to put $35,000 down.
My credit scores are 653, 653, and 650. I thought it would be lower with the foreclosure but I guess I did everything else right.
I had heard of some mortgage brokers who are willing to give loans at high rates for people like myself. So my question is, is there a web site that list these brokers?
Thanks,
Bob
Hi bobh,
It is generally hard to get a loan after foreclosure because your credit is hurt. It lowers your score by 200-300 points. However, with your score you may qualify for government home loans. The minimum score required to qualify for Federal Housing Administration is 620. For more details on these loans, and to check whether you qualify for these types of loans, you can visit http://www.hud.gov/offices/hsg/fhahistory.cfm .
Thanks,
Sandra
It is generally hard to get a loan after foreclosure because your credit is hurt. It lowers your score by 200-300 points. However, with your score you may qualify for government home loans. The minimum score required to qualify for Federal Housing Administration is 620. For more details on these loans, and to check whether you qualify for these types of loans, you can visit http://www.hud.gov/offices/hsg/fhahistory.cfm .
Thanks,
Sandra
How long since the actual foreclosure?
your best bet is to seek a FHA purchase loan, IF the foreclosure was at least three years ago.