Generally you may qualify FHA 3 years after a foreclosure, short sale, deed in lieu and 2 years after a BK from a minimum 500 fico score. Conventional financing requires 7 years after a foreclosure, short sale or deed in lieu and 4 years after a BK with a minimum 620 fico score.
All lenders have either NO OVERLAYS or their own overlays. We as a mortgage broker have 25 banks to choose from to fit the right bank to your circumstance to obtain the lowest rates and best terms.
If you have credit issues, your credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
The good news is that banks are starting to lend. Now you can wait till your credit improves within the next three years and pay the higher interest rates and higher prices or if you are motivated you can find owner financing and you can buy today. There are plenty of people that have their homes free and clear and are willing to hold a private mortgage. Sometimes it pays to keep it simple. Buy when prices are still low and it is still a buyer's market. Even if you pay a bit more for the interest than the going rate you make out much better doing it now than two years from now.
But than you can wait till you are able to borrow and tell me if you should have listened to me.
If your sister owed more than $500K, then it is not a FHA loan.
If your sister foreclosed 2 years ago, then she has a good wait ahead of her.
Here is why the Number of Years can be different, a lot depends on what is your sisters
credit score and what is she doing to improve it. If here Credit score improves its likely
that in another 2 years some lender will give her a loan. There will be always many lenders
who will not give her a loan for 7 plus years due to her past foreclosure.
Prudent for her to start talking to Credit improvement companies.
If you need some let me know and I will drop you a line.
-VA loans (only for active military or veterans) - 2 years
-FHA - 3 years
-conventional - 7 years
Remember to check the date the deed for the property transferred out of your name. That is the date to start counting the waiting period. Contact me if you would like me to look it up for you. Any derogatory credit after the foreclosure will cause issues.
I personally expect that to change in the next year or so;
The Lenders are going to NEED buyers in the near future, and they are going to find creative ways to make exceptions.
Good luck and may God bless
I normally agree with Anna's answers but a loan officer will not be as reliable or even as qualified as consulting or hiring a tax attorney who will have a better handle on her personal issues and would be the right source to contact whose professional qualifications will provide you with both the confidence of trust in his or her representation to the best of your interest and confidentiality which by which they are sworn.and governed.
Referencing the applicable laws to a specific situation is what they are about and handling your specific case to your best advantage.