Foreclosure in San Jose>Question Details

Mimi, Both Buyer and Seller in San Jose, CA

Foreclosure - how soon can buy a house after foreclosure?

Asked by Mimi, San Jose, CA Mon Nov 21, 2011

I'm looking for a good source to answer my question. I ask for my younger sister whose house was foreclosed 2 years ago. Now she want to buy a house. Can she? She asked many brokers in San Jose and she got different answers. Someone says has to wait 7 years no matter what. Some say after 2 years if down payment 30%. Some says after 4years if down 20%. Who we can trust? Please give good advise if you're sure about the up-to-date foreclosure law in California or San Jose.

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15
Hell Mimi, you may now qualify ONE DAY after a foreclosure, short sale or deed in lieu with 20% down and minimum 620 fico score. You may qualify FHA ONE YEAR after a foreclosure, short sale, deed in lieu or BK under special circumstances like loss of income.

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
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

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0 votes Thank Flag Link Tue Mar 3, 2015
You typically have to wait 3 years from the date of the foreclosure before you can get pre-approved for another home loan. The 7 years used to be for bankruptcy situations, and now, that has been kept on your credit for approximately 10 years. I haven't heard of anyone having to put down 30% or 20%. If the credit is back in good standing, and you have a score for the current programs that are mostly FHA and VHDA, or VA; you would put down more like 3.5% FHA, and VHDA is 100% financing. I have used that program for years with my clients. I am in VA, so I don't know what the laws in real estate are in California. But, this has been true for years here in VA. Scott Polly - Keller Williams Realty Vienna, VA
0 votes Thank Flag Link Tue Mar 3, 2015
It can be confusing and deflating to consumers who have to wait 3-7 years after the unfortunate incident of a Foreclosure or Short sale or Deed in Lieu and be able to Purchase and or Refinance again. Most of these consumers are now renting from a landlord or are living with family or friends to have a roof over their head. However there is a solution to help these consumers get back the Pride of Homeownership and Not have to wait years to buy their home again. Depending on your unique situation and where you reside, you may have more options.
Feel free to contact me so I can share the right path with a solid solution to your new home goals.

Michael Evans
Loan Officer
NMLS: 251165
510 455 4109
0 votes Thank Flag Link Tue Mar 3, 2015
Get a flexible credit loan. This program assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes Thank Flag Link Sat Apr 5, 2014
Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. Visit http://www.whywaitbuytoday.com and see if you qualify today.



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CFS Mortgage
http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sat Nov 23, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun Jul 7, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes Thank Flag Link Sun Jun 2, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun Apr 21, 2013
Mimi,
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.
0 votes Thank Flag Link Thu Jan 5, 2012
Hi Mimi

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.

http://www.trulia.com/blog/perry_mistry/2012/01/short_sale_v…

Prudent for her to start talking to Credit improvement companies.

If you need some let me know and I will drop you a line.

Sincerely

Perry
0 votes Thank Flag Link Wed Jan 4, 2012
depends on the type of mortgage you have - minimum: 3 years max: 7
0 votes Thank Flag Link Mon Dec 12, 2011
Wait times after foreclosure:
-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.
0 votes Thank Flag Link Sun Dec 11, 2011
The latest word is 3 years on a Foreclosure and 2 years on a Shortsale:

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
0 votes Thank Flag Link Sun Dec 11, 2011
Mimi,
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.
0 votes Thank Flag Link Sun Dec 11, 2011
A good source to answer your question is any licensed loan officer; therefore your sister should consider a visit; after he/she reviews all her financial information, a determination on qualification can be made...
0 votes Thank Flag Link Mon Nov 21, 2011
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