Foreclosure in Orlando>Question Details

chris_ellis70, Other/Just Looking in 32835

How long after foreclosure will a bank approve for buying a home in the future? What type of loan would I qualify for and down payment?

Asked by chris_ellis70, 32835 Thu Mar 28, 2013

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Bernard Scarpa’s answer
Hello Chris,

I would recommend you contact Donna. She can help you with a mortgage and can help you get back on track with your credit so you can receive a loan in the future. She is very good. Donna Matherne Innovative Mortgage Services Work # (407)657-3526 donna.matherne@gmail.com
0 votes Thank Flag Link Sat Jun 15, 2013
Three years is the standard period provided you have not established any other negative credit. You would qualify for an FHA or Conventional loan, with an FHA you could put down as little as 3.5%. Individuals who are actively in or have been in the military qualify for VA loans and may finance 100%, so 0% down. An advantage to qualifying for a VA loan in the circumstance referred to above, that being a past foreclosure, is there is only a two year waiting period from the time of the foreclosure for veterans.
2 votes Thank Flag Link Thu Mar 28, 2013
You can buy 1 day after a foreclosure or short sale even bk.
http://www.florida-mortgage-lenders.com/bad-credit/234-how-s…
0 votes Thank Flag Link Thu Jul 17, 2014
Hello Chris,
I know chapter 7 bankruptcy is much harder to come back from then a short sale or foreclosure. And guide lines for mortgages always change. It's best to speak to an accountant or a lawyer. In fact the bankruptcy lawyer should have given you this information. I know people that have been through chapter 7 and they are after many years still having trouble getting a loan. I understand there are ways for people in chapter 7 bankruptcy to turn things around a little faster. By using pre pay credit cards and things like this. There is one mortgage broker I know that can help with getting your credit back. She can tell you what to do to help things along. Donna Matherne Innovative Mortgage Services Work # (407)657-3526 donna.matherne@gmail.com
0 votes Thank Flag Link Wed Nov 27, 2013
You can buy again the next day with our "2nd Chance" loan. All you would need is a 660 minimum mid FICO score and a 20% down-payment. The rates are very competitive.

You can contact me on my website below for more information.
Web Reference: http://www.craigbosse.com
0 votes Thank Flag Link Tue Nov 26, 2013
my house was foreclosures 2 1/2 years ago and i did chapter 7 bankruptcy 2 years ago
now i have a good job and good income and my credit score isin high 695 and i am puting down
15 % down
i try to get a loan from wells fargo the UW declined my loan saying my loan is high risk and i have to with 3 years to get a FHA loan so i try other banks they all said the same thing. so i think i have to wait till 3 years is up if you know any bank that will do my lone please let me know
0 votes Thank Flag Link Fri Oct 18, 2013
The figure is actually 3 years from the sale of the property if there was a property involved in the bankruptcy. If there was not a property involved , it is only 2 years. The problem with some of the foreclosures is the banks can hold onto them for years. We had one customer that wanted to buy a home 10 YEARS after their foreclosure and the bank hadn't sold the property. It's unfortunate, but that is reality. Hopefully, your property has already sold and you will be able to buy in the next 6 months! Just make sure you don't have any late payments EVER after the bankruptcy....that can be detrimental to buying another home!

I wish you the best of luck and if you have any additional questions, please feel free to reach out to me. I have been in the business for 21 years! :)

Andy Wood
727-410-9663
awood@titanhl.com
http://www.titanhl.com
Flag Mon Oct 21, 2013
Hello Chris,
I know chapter 7 bankruptcy is much harder to come back from then a short sale or foreclosure. And guide lines for mortgages always change. It's best to speak to an accountant or a lawyer. In fact the bankruptcy lawyer should have given you this information. I know people that have been through chapter 7 and they are after many years still having trouble getting a loan. I understand there are ways for people in chapter 7 bankruptcy to turn things around a little faster. By using pre pay credit cards and things like this. There is one mortgage broker I know that can help with getting your credit back. She can tell you what to do to help things along. Donna Matherne Innovative Mortgage Services Work # (407)657-3526 donna.matherne@gmail.com
0 votes Thank Flag Link Sun Jul 14, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced 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. This is perfect for individuals looking to become homeowners again.
0 votes Thank Flag Link Sat Jul 13, 2013
Hi,
FHA allows 3 years for foreclosures and short sales. Conventional lenders require 7 years. This is based on current credit rating and down payment. Check with direct lenders for any updates in FHA and Conventional Lending requirements. Additionally, there maybe other lending options.
FHA Guidelines: http://www.westlaestates.com/general/fha-financing-opportuni…
Hope this was Helpful.

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Sat Jun 1, 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 Thu Apr 18, 2013
Check the chart here for loan after short sale/foreclosure times.

See below for chart link below...
0 votes Thank Flag Link Thu Mar 28, 2013
On most cases it is 3 years after foreclosure. Some mortgage lenders have a 2 year wait program, but you must have a very good reason for the foreclosure and excellent credit history since then.
0 votes Thank Flag Link Thu Mar 28, 2013
Hi Chris,

I don't think there is a set amount of time that has to pass before you can purchase again. Contact a local lender and they will review your credit and other risk factors and let you know if they would be willing to underwrite a mortgage for you. Best wishes! :).
0 votes Thank Flag Link Thu Mar 28, 2013
Hi Chris, right now it is 3 years before you can get another home loan. Financing will be depend on how much cash you have to put down. I would start talking to lenders in a little over 2 years just to see if the rules have changed.
0 votes Thank Flag Link Thu Mar 28, 2013
Hi Chris!

The answer to your question is, it depends. It depends on several factors. Each bank works differently. For example, a homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. See: efanniemae.com .

Best of luck!
Diana M. Perez, J.D.
Broker/Owner | Professional Real Estate Team, LLC.
22 West Monument Avenue Suite 18
Kissimmee, FL 34741
Direct:(407) 729-3560 | Fax:(407) 933-0731
E-mail: Diana@ProfessionalRETeam.com
Website: http://www.ProfessionalRETeam.com
Facebook: http://www.Facebook.com/professionalreteam
LinkedIn: http://www.Linkedin.com/in/pretdianaperez

Certified Distress Property Expert (CDPE), NAHREP, MWBE,
REO/BPO Certified
0 votes Thank Flag Link Thu Mar 28, 2013
Hi Cris

Your first step is to find and indentify an experience ethical loan officer and lender who offer all of the loan types.
Gather up information from reliable sources first. Remember you will be dealing with sales people and often loan officers will offer only the loan types offered by their lender.
At Your-Road-Home.com you will find an article, Consultation, Interviewing Loan Officers that will serve you well. Also a Series of articles that will guide you step by step to gather all of the information needed to effecively interview a loan officer. After you have gathered all your information you will find loan officers and real estate agents on Trulia offering their services. A very good source.
You will find you can buy much sooner than most realize.

Best of Luck, Stephen
0 votes Thank Flag Link Thu Mar 28, 2013
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