Foreclosure in 48125>Question Details

G, Home Buyer in Dearborn, MI

If you had property foreclosed upon in the past 5 years, can you qualify for a mortgage loan?

Asked by G, Dearborn, MI Thu May 17, 2012

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3
Hi G,

It depends.

How long ago was the foreclosure and what type of loan was it?

Fannie Mae requires 7 years so that's not an option.

VA only requires a 2 year wait.

FHA requires a 3 year wait after a foreclosure BUT it could be longer if the foreclosure was on a government backed loan like FHA, VA or USDA.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
(877)228-9069
NMLS# 787231
http://www.trulia.com/profile/john-burke-mortgage-broker-or-…
1 vote Thank Flag Link Thu Feb 26, 2015
Generally, yes -- but only if you've been proactive with getting your credit up to a level in which a lender can lend to you.

Normally, a lender is unable to lend to you within 3 years after a foreclosure or a short sale. Sometimes it can be sooner on a short sale under certain circumstances.

In the meantime, you'll want to make sure your credit is at/near a 640 score and plan on having a minimum of 3.5% down plus needing closing costs to facilitate a closing.

If you need more insight, please let me know!
1 vote Thank Flag Link Thu May 17, 2012
Thanks. My credit score is 700+ and I able to put down more than 10% for a down payment.
Flag Thu May 17, 2012
It is possible. There are many factors that come in to play to obtain a mortgage loan. I would recommend contacting a loan originator in your area. They can dig deeper and point you in the right direction.
0 votes Thank Flag Link Thu Feb 26, 2015
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