Home Buying in 11234>Question Details

Ana Alexander, Home Buyer in Flatlands, Brooklyn,...

Can I buy a house after a foreclosure 6 years ago?

Asked by Ana Alexander, Flatlands, Brooklyn, NY Tue Apr 6, 2010

Help the community by answering this question:


I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun May 5, 2013
There are many questions. 7 years but there are things only a mortgage professional should answer. If you would like to contact a mortgage pro please call me anytime and I can suggest a couple to get you started.
0 votes Thank Flag Link Wed Apr 7, 2010
Hi Ana
the best thing to do first is talk to a mortgage person at the bank and see what they say. IF they will not
approve you then you will have to try other avenues.
please feel free to contact me directly
0 votes Thank Flag Link Tue Apr 6, 2010
ar Ana,
Yes, you could buy a house. But it will now depend on your credit score and income/ expenses ratio.

0 votes Thank Flag Link Tue Apr 6, 2010
If you have re-established your credit, have employment, etc., yes you can buy--however, you need to visit with any qualified loan officer(s) first, see if you qualify, see exactly what your budget can handle and check your credit score, etc.--then go from there.
0 votes Thank Flag Link Tue Apr 6, 2010
Ana, The answer is yes, provided you have either re-established credit and kept good payments on everything since; or you have refrained altogether from getting any new credit since the bankruptcy. The older bad items are on your credit report the less weight they carry.
0 votes Thank Flag Link Tue Apr 6, 2010
No one can render an opinion but a mortgage broker who can review your files.

2 years employment
Debt/income ration in balance
3.5% or more down payment

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Apr 6, 2010
Hello Ana,

A foreclosure will stay on your credit report for 7 years, but if you previously worked with a credit repair agency, they might be able to help you repair your credit in less than 7 years and get you a loan.

Hope this helps and good luck in your home search.
0 votes Thank Flag Link Tue Apr 6, 2010
good morning ana.......with the foreclosure being that long ago is not going to hinder you from buying now...assuming you have re-established credit, job stablity, cash to close and your debt ratio works, you should be fine....hope that helps....bob mcclure- first preferred mortgage- southfield, michigan....
0 votes Thank Flag Link Tue Apr 6, 2010
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