Foreclosure in Lake Worth>Question Details

taniaregan, Other/Just Looking in Lake Worth, FL

getting a loan for house, with a foreclosure record

Asked by taniaregan, Lake Worth, FL Tue Jun 12, 2012

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It’s a lot more complicated than just a timeline, you must meet all of the other underwriting requirements as well. The three year timeline mentioned by others depends on they type of loan that was foreclosed upon and the type being used. For a borrower that had an FHA mortgage foreclosed, that borrower is not eligible to apply for another FHA mortgage until three years after the date that HUD paid the insurance claim to the lender or the date of the sheriff’s deed if there was not an FHA claim filed. The names of FHA borrowers are automatically deleted from CAIVRS when this three year waiting period expires. This may take up to 45 days to be reflected in HUD systems.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue Jun 12, 2012
You need to talk to a mortgage specialist in order to get the correct answer but certainly your credit score will be considered and the amount that you have for down paymentmeet with you and . FHA loans are available after a foreclosure ( 3 yrs).

Hope this helps. If you would like to view any properties once you know you can qualify for a mortgage I would be happy to meet with you and arrange to view some properties. Contact me if you have any quetsions,


Leslie Hamilton
Realtor
Keller Williams Realty
Boynton Beach Fl 33435
lesliejhamilton@hotmail.com
561-568-7231
0 votes Thank Flag Link Tue Jun 12, 2012
It has all to do with your credit score, and only a mortgage evaluater can help you check that,
and match it with the pesent guidelines for different mortgage programs.
Good luck!
0 votes Thank Flag Link Tue Jun 12, 2012
You can qualify for an FHA loan three years after a foreclosure, I believe. Check with a local mortgage banker to be sure but I feel quite confident the waiting period is three years.
0 votes Thank Flag Link Tue Jun 12, 2012
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