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Buying a home after foreclosure

We had a foreclosure in may 2007.
We have no debt and credit score above 700.
To purchase a house, we offer to pay cash 60% and were looking to finance 40%.
We are told that we cannot qualify for mortgage even with a large down payment as the foreclosure is not three years old, is tis correct??

Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You will need to wati for atleast 4 years before gettign a new mortgage

Good luck and feel free to ask

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we went into foreclosure this week by accident , we were trying to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] and one payment was one day late and the bank did not want to work with us anymore. My father in law wants to help by offering his credit to get a new home. can we refinance after one year with a low interest rate to put the new home under our credit? and if so, do we have to put a down payment, when we refinance?

Thank you.
aracely

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi aracely,

You need to wait for at least 2 years after foreclosure to qualify for an FHA-insured loan and 3-4 years to get a conventional loan. It will be difficult to get a mortgage in your name just 1 year after a foreclosure. Moreover, a lot will depend on your credit scores. Apart from waiting for a certain length of time after the foreclosure, you also need to improve your credit considerably to qualify for a home loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how much do i need to put down when i'm ready to buy again, after going into forclosure?

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bg0427's picture
bg0427 | Joined: January 27, 2010 06:57 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You will be better off if you put down at least 20%. FHA only requeires 3 % but that doesnt mean that any lender has to do your loan. A lot of lenders these days have their own guidelines when it comes to this type of stuff. You probably will have a hard time finding financing. You could find a home through owner financing that will be willing to hold a note for 2 years or you may have to go hard money.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was foreclosed on last year. I see from above that I will need to wait at lest two years before I can try for another loan, but when does the clock start ticking? From when the Notice of Default was filed or from the date I moved out of the property?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi waiting,

Most lenders would want you to wait for at least 2 years after a foreclosure to apply for a new loan. The 2 years will be counted from the day your property is auctioned off and the ownership gets transferred from you to the new owner.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we want to buy a home we foreclosed on a house 2 years ago. but filled chapter 7 bankruptcy in 2004. did not put house on bankruptcy but lost later on. is there anything we can do?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To Christina,

Which type of bankruptcy did you file in 2004? If you filed bankruptcy Chapter 7 and got discharged the same year, you can apply for a mortgage now. The foreclosure will stay on your credit report. But since it is more than 2 years old, you can definitely go for a home mortgage.

FHA requires you to wait for at least 2 years after a foreclosure or bankruptcy to qualify for a new mortgage. However, you have to wait for around 3-4 years to after the bankruptcy discharge or the foreclosure to get approved for a conventional mortgage. A lot also depends on how much you have improved your credit scores since the foreclosure and the bankruptcy. What are your current credit scores? Do you have any other negative items on your credit report like charge-off, etc.?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had to give-up my house/Deed in Lieu of foreclosure 1 year ago. Since then, I am now dept free, and able to put up to 20% on a down payment on a new house. My credit scores fluctuate from 795-667-627. How will lender see me if I try to purshase a home within the next 4 months?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi rey,

A similar query has been discussed on the following page. Hope, it helps you.
http://www.mortgagefit.com/know-how/about37335.html#160293

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i went bankrup 2 years ago and added my house in the bankrup but the house hasn't gone thur foreclosure how long do i have to wait to purchase another house?

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riseabove's picture
riseabove | Joined: November 9, 2009 12:58 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

generally 4 years I believe.

Until then you could look at Hard Money lenders, as they don't really care about Credit Score.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we have a foreclosure in October of 2008. We have no bills, (credit card , car notes or dr bills) We have $100,000 to put down on a house in the bank. We were wanting to buy a $300,000 house and put 20 %, Do you think we could get a mortgage.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Becky!

Welcome to forums!

After a foreclosure, you will have to wait for 3-4 years in order to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. I don't think you'll be able to qualify for a mortgage so soon after a foreclosure.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was in the same boat, I was able to get a mortgage from my credit union after 1 year.this was do by them walking me through my budget, and paying down bills. Please try your credit union, if you don't have one join a community credit union. Had I talked to them they could have save my home.

h

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jonsmith040's picture
jonsmith040 | Joined: April 26, 2011 09:27 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

We can find mortgage after foreclosure but it is the more valuble thing is to find out the right lender.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I had a foreclosure and bankruptcy in 2009 aftter we lost our business and 40% of our income. We are now buying a new house and can't seem to get a straigt story about the tuype of loan we may quality for. Our credit scores are 722 and 733. One loan officer tells us we can only get an FHA loan while another tells us we can get a conventional. What are the guidelines for a conventional after a foreclosure?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Debbie,

As you have a credit score of more than 700 and as 3 years have already passed since your foreclosure, you may be able to qualify for a conventional loan. You should contact the local lenders and start applying for conventional loans.

Thanks

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