Home Buying in Avondale>Question Details

Miriam Beers, Other/Just Looking in Phoenix, AZ

After one and a half yeard that my house has been foreclosed, when can I consider to look and buy again? My husband now has a good job. CredScore 740

Asked by Miriam Beers, Phoenix, AZ Fri Feb 5, 2010

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Miriam Beers

Dear Miriam:

Good question. Glad that your husbands credit score is strong.

Per Ryan Hallidorson:

"Waiting Periods for BK/FC/SSale

A common question from borrowers and homeowners these days is how long they will need to wait to buy again if a negative item appears on their credit report. Different loan programs have different disqualification periods for Bankruptcy/Foreclosure/Short Sale. Once the automatic disqualification period has elapsed, the normal income/asset/credit requirements typically apply. It is also important to remember that if a mortgage account is included in a Bankruptcy, then foreclosure waiting periods apply with all loan programs. Here is breakdown by loan program:

Conventional Loans
Bankruptcy = 4 years
Foreclosure = 5 years
Short Sale = 2 years

VA Loans
Bankruptcy = 2 years
Foreclosure = 2 years
Short Sale = industry standard is 2 years

FHA Loans
Bankruptcy = 2 years
Foreclosure = 3 years

Short Sale = industry standard is 3 years unless no mortgage lates in the past 12 months and buying in a different geographic location (out of state job transfer for example)."

With the job and improving credit score, you may find a owner that would be willing to carry a mortgage in a private situation sooner. Having a down payment would be very important. If you have access to a down payment, ask me and I may be able to locate some homes in this scenario depending where you are looking.

If one of you are a veteran, the wait would be shorter with the VA loan.

Feel free to contact me if you have any questions.

Regards, Jeff

Jeff Masich, Realtor®
Arizona Homes and Land
480-556-0940
JeffMasich@ArizonaHomesLand.com
HomeSmart Real Estate
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Fri Feb 5, 2010
Miriam,

You can possibly search for a private "investor" to loan monies to purchase a home. Their interest rates usually are higher but if it's a good investment for them, they may consider backing you with a loan.

Many require a substantial down payment though.

Good luck!
0 votes Thank Flag Link Fri Feb 5, 2010
Miriam,

If you do not have any other credit concerns it can be early as two years.

I would reccomend conacting a lender that I know and trust and my buyers appreciate. Hes on my site under the lender tab.

There are also some sellers willing to do a seller carry back!

Feel free to contact me with any questions!

lucindat@longrealty.com
602-799-6846
0 votes Thank Flag Link Fri Feb 5, 2010
The easiest way to find out is to talk to a lender or two and see what they say. You may be a way off yet but you won't know until you ask. You might consider a lease/purchase or a seller carry. There are sellers out there who are willing to carry the note for a few years. By the time the note ballooned, you should be in a position to refinance the property. Good luck, I hope you find what you are looking for.
0 votes Thank Flag Link Fri Feb 5, 2010
The general rule of thumb is 3 to 5 years, so you've got at least a year and a half to wait. save up a down payment so you don't get in the same situation again. Good luck.
0 votes Thank Flag Link Fri Feb 5, 2010
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