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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1
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
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