I asked our strategic partner, lender, Mr. Chase McLane at People mortgage and he said this: "they can get an FHA mortgage with 5% down and a foreclosure on their record however they cannot qualify for a conventional with 5% down until after 7 years from date of trustee sale. "
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Shawn I. Rogers, REALTORÂ®, CSSPE - West USA Realty
If you would like a great lender I can certainly provide a few great references.
Sincerely, Lucinda Tkach
You can apply online on lender tab on my website listed below.
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Realty ONE Group
Yes, you're likely going to be able to make that work with either a USDA loan, VA loan, or FHA loan. A conventional loan is probably not likely with only 5% down. You would need to put a minimum of 10% down for conventional and your foreclosure would need to be due to extenuating circumstances like death, disability, etc. of a major income earner. To get concrete answers for your specific situation you'll want to talk to an experienced loan officer - I'm one with 20 years experience :-).
Please let me know if I can help answer more specific questions.
Brian Cardenas, Sr. Mortgage Banker
NMLS # 183143
AmeriFirst Financial, Inc.