Financing in 85233>Question Details

rc0928, Home Buyer in Gilbert, AZ

if I have a foreclosure on my record from 3 years ago can I buy a home with only 5% down ? and still get a 15 year fixed my credit is 720

Asked by rc0928, Gilbert, AZ Thu Jul 11, 2013

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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. "
If you wish to work with the best team in town, please give us a call. We are the #1 ranked team on Trulia and several other websites. Check out the links below my signature line,
Shawn I. Rogers, REALTOR®, CSSPE - West USA Realty
Cell: 480-313-7031
Fax: 602-863-4619

0 votes Thank Flag Link Tue Jul 16, 2013
Hi, It will depend on current credit and what is available with a qualified lender.

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.
0 votes Thank Flag Link Thu Jul 11, 2013

I have nothing but great things to say about Movement Mortgage! They are great because they underwrite the loan at the BEGINNING of the loan process which saves a lot of stress and headaches. Let me know if you'd like a contact there :))

Realty ONE Group
0 votes Thank Flag Link Thu Jul 11, 2013
Hello, My lender would be the best person to answer your question. Would you like her contact information? She is excellent. Liz
0 votes Thank Flag Link Thu Jul 11, 2013
Hopefully one of the lenders on this forum will respond, but most likely it depends on many factors that only a lender can answer once you provide your financial information. I work in the Chandler/Gilbert area so once you have the answer to your question, please give me a call.
0 votes Thank Flag Link Thu Jul 11, 2013
It will depend on when the foreclosure happened, credit, income, etc. Do you have a lender that you are working with?
0 votes Thank Flag Link Thu Jul 11, 2013
Hi rc0928,

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.
0 votes Thank Flag Link Thu Jul 11, 2013
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