Foreclosure in Tempe>Question Details

Cynthia, Home Buyer in Phoenix, AZ

Within the past year I have had my home forclosed. I am wanting to purchase another foreclosure property. Is this possible or am I just dreaming?

Asked by Cynthia, Phoenix, AZ Tue May 22, 2012

Help the community by answering this question:


we have a new program called the Fresh Start Loan. Foreclosure , short sale and bk ok. It is a 30% down program for primary residence only. It is private money. If you would would like more information please feel free to contact me with questions.

Jason Coleman

Sr. Mortgage Specialist
Peoples Mortgage
0 votes Thank Flag Link Tue May 22, 2012
We also have a new program we are calling the "Credit Repair Program"--designed for those who have experienced an ISOLATED ding to their credit. Can do 6 months after Chapter 13 or 7 are discharged; no seasoning for Short Sale, Foreclosure or Deed in Lieu as long as all other installment credit is paid as agreed. Will do purchase or rate and term refinances to 70% Loan-to-Value (LTV) and to 60% cash out. Condos not allowed. Etc.--please contact me directly, if interested.

Take care.

Bill Parker
Legacy Group Lending, Inc.
1 vote Thank Flag Link Wed May 23, 2012
My mortgage connection is telling me that with FHA you can be back on the market in as little as 3 years with 3.5% down. Let me know if you want me to provide a contact so that you can discuss with him in person. Good luck on getting back into the market!
1 vote Thank Flag Link Tue May 22, 2012
You are dreaming. No matter what programs are out there if you don't have a huge downpayment you are not buying again anytime soon.


Pat Hune
1st Southwest Realty
1 vote Thank Flag Link Tue May 22, 2012
Hello Cynthia,

The Lender I work with, provides one of the best home purchase program in America. As of 5/3/2012: They provide FREE personalized and comprehensive counseling to Members to address your particular credit and financial issues and help determine a mortgage payment that you can afford. The counseling and underwriting criteria are “character-based” and not based on credit scores and ratios. They also include the following:
No Down Payment,
No Closing Costs (The Lender pays them and does not include them in the loan),
No Lender Fees,
No Pre-Payment Penalty,
No Mortgage Insurance,
No Perfect Credit,
Fixed 30 year below market rate at 3.5%

If you are interested to know more about this Program please contact me.

Have a GREAT evening!

Vivien L Biggs PLC
Prudential Arizona Properties

Check MLS for homes on my website
0 votes Thank Flag Link Tue May 22, 2012

You will definitely want a bit more time to pass before you attempt to take out a conventional loan for purchase. There are hard money options out there, that will come will a large down payment as well as higher interest rates. I would recommend doing some credit restoration and enhancement in the meantime so you are ready in the next 24 months.

0 votes Thank Flag Link Tue May 22, 2012
If you're hoping to obtain conforming financing, like FHA, VA, Conventional, etc., then please don;t shoot the messenger --> you're just dreaming. You'll need at least 2-4 years behind you.

In the meantime, build your credit and save as big a down payment as you can.

All the best!
0 votes Thank Flag Link Tue May 22, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer