Foreclosure in Dayton>Question Details

Ferlly, Home Buyer in Dayton, OH

are there any programs to help people buy a home again after foreclosure?

Asked by Ferlly, Dayton, OH Thu Oct 22, 2009

I lost my home 2 years ago after my husband passed away. I would like to own a home again. Are there any programs aimed at helping people who have already gone through a foreclosure?

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3
First of all let me say I'm sorry that happened to you and to many others like yourself. Depending on the loan you had, this much I can tell you. A homeowner who looses a primary residence to Foreclosure that was backed by a Fannie Mae loan is ineligible for same type mortgage for a period of 5 years then would be eligible again.

On any future 1003 mortgage application, a prospective borrower will have to answer "yes" to question C in Section VIII that askes "Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?". This answer will affect future interest rates for up to 7 years from foreclosure.

My advice is to talk to a reputable and knowledgeable lender to find out exactly where you stand. Good Luck!
1 vote Thank Flag Link Thu Oct 22, 2009
First, you must contact a trusted lender. Do you have a credit union? Or do you deal with a bank? I can help you find a trusted lender by recommending a few in Dayton. Once you find one you like and with whom you want to do business, they will advise you on the lender's criteria as to how long you must wait before you can obtain a loan to purchase a property. The bank will need to review your credit in total before making any decision. This is a complicated situation and the regulations change frequently. If you need more information, call me. Best of luck to you.
0 votes Thank Flag Link Wed Oct 12, 2011
Thanks Bev for the info on the mortgage application question- I hadn't heard that before.
Ferlly I am sorry to hear about your loss of your husband and your home.
If you want to send me a private message I am in Dayton and can recommend some local lenders to you that I trust who can tell you where you stand. If you don't qualify for a traditional loan I also know some good folks who offer lease options on homes and will work with you to help you buy when you can.
I hope I can help you.
0 votes Thank Flag Link Sat Oct 24, 2009
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