Financing in 23233>Question Details

Joarbeh, Home Buyer in San Diego, CA

We have 20% down for a 170k property. However we had a foreclosure in our credit. The foreclosure will be 2 years in April

Asked by Joarbeh, San Diego, CA Sat Feb 25, 2012

We are looking to buy a property we have 20% down but we have a foreclosure on our record. The foreclosure will be 2 years in April. We do have excellent credit apart of the foreclosure and no debt with a great income. Does anybody knows a lender that will work with us?

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12 months after a foreclosure you're now eligible for a new HUD program for an FHA loan, as long as you have reestablished positive payment history. We can refer you to a lender that offers this program in CA

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
1 vote Thank Flag Link Thu Oct 24, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile. He has 100s of spam comments left on blogs.
0 votes Thank Flag Link Thu Oct 31, 2013
I have 2 propertties that I may finance for you. One is in Area 42. The other is in Area 30 close to RIR. Both have been renovated. Call me ASAP.

Sam Perry, Realtor
804-288-2945
dsamperry@hotmail.com
0 votes Thank Flag Link Thu Apr 26, 2012
You may be eligible for an FHA loan 2 years after discharge of bankruptcy. It's 3 years for Fannie Mae or Freddie Mac. You may be abe to get seller financing but it is difficult. Call me if you are interested in having me locate smething for you.

Sam Perry, Realtor
804-288-2945
dsamperry@hotmail.com
0 votes Thank Flag Link Thu Apr 26, 2012
You may be eligible for an FHA loan. Give me a call and I will put you in contact with the lender that I refer my clients to. He told me that in some circumstances, you may be eliglible.

Tina Beasley
Associate Broker
Envision Real Estate, LC
804-972-9927
0 votes Thank Flag Link Sun Feb 26, 2012
If you are a Veteran or on Active Duty, the window for a foreclosure is 2 years from the actual date of transfer of your old home.
FHA financing requires a 3 yr. window from your foreclosure. In certain circumstances, a 2 year window will be allowed under FHA guidelines. Compensating factors must be present and a larger down payment may be required. You certainly have that based covered with your 20% that you mentioned.
Conventional financing will be the most difficult to obtain at this time. If your circumstance were surrounding a short sale or a deed in lieu of foreclosure, the time passage required would 2 years with a 20% down payment. Please note I mentioned a short sale or a deed in lieu... not a foreclosure. With a foreclosure, the time period for conventional financing is 7 years as of this writing. We hear that this soon will change to align more with FHA guidelines.
Feel free to contact me at 804-897-1000 if your care to discuss further. I believe an FHA loan is your best opportunity right now..... unless you are a Veteran or are on Active Duty. If you happen to be a VET or AD.. thank you for protecting me and my family.

Jamie Lee Chafin 804-897-1000 http http://.www.jamieleechafin.com
0 votes Thank Flag Link Sat Feb 25, 2012
We work with a lender that can get approval after two years!
Web Reference: http://Bentleyandandrew.com
0 votes Thank Flag Link Sat Feb 25, 2012
Unfortunately the Fannie and Freddie guidlines now, you have to be three years out after the date of the foreclosure sale. I just went through this with several lenders for borrower I had a few weeks ago.
0 votes Thank Flag Link Sat Feb 25, 2012
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