Financing in Mesa>Question Details

Lectrice Lee, Other/Just Looking in Sun City Grand - The...

What opportunity is there for someone who had a previous foreclosure in 2008 I am renting and every house we rent is going are in foreslosure I am?

Asked by Lectrice Lee, Sun City Grand - The Pinnacle, Surprise, AZ Sat Jun 12, 2010

trying to fix my credit to repurchase a home.I pay $1700 a month on a lease and I suspect this house my be in foreclosure. The monthley aount is not the problems its the down payment and trieing to down size to save or pay off bills is there a lender that could get us financed income is roughly 120,000 annually ? Please help at my wits end

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Fannie Mae recently release new guildelines that can be found on their website as to how long it has to be from the time of foreclosure to time of new loan application. If you went through a full foreclosure, you are looking at 5 years, if you did a short sale or deed in lieu, 2 years. As for improving your credit, try, they are suppose to be really good at helping to restore credit but no guarantees. Unfortunately you are not alone but you will be able to buy again in a few years. For the best advise, call a local lender or bank that you deal with they will be able to help you best. Good luck hang in there this is a big problem for tenants these days do your best to find a home that was not purchased in the height of the markets because many of those owners are going into "strategic default" Sad but true.
Good luck
Kent Gagon
0 votes Thank Flag Link Wed Jun 23, 2010
Lectrice... when in 2008 did you have your foreclosure? I have been able to help others in similar circumstance but will need to understand your situaution before i can say when you would be able to buy another house. You should give me a call and we can talk about your options.

Tony Valdez
Senior Loan Officer
0 votes Thank Flag Link Sat Jun 12, 2010
Dear Lectrice:

I am sorry about your situation. You are not alone.

It may take at least 3 years before you can apply again for most lenders, maybe more. Keep on tryhing to restore your credit, save for the down payment.

In the meantime if you have a family member that can help you with a guarantee on a loan, this may be a possibility.

There are rent to own possibilities, however the purchase price may not be locked in. On a lease option to buy, you may not get the best price, but it is a possibility. At the end of the lease term, your purchasing abilitiy could be better. However, this arrangement costs more per hard to find.

May I wish you the best.

Regards, Jeff

Jeff Masich, Realtor
0 votes Thank Flag Link Sat Jun 12, 2010
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