Home Buying in Jacksonville>Question Details

luzcamoney, Renter in Jacksonville, FL

Can I buy a house if I have a foreclosure showing on my credit?

Asked by luzcamoney, Jacksonville, FL Fri Jun 13, 2014

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5
Yes, depending on when it was, the circumstances of it, and credit history since. Best bet is to contact a mortgage broker, but yes it's possible.
0 votes Thank Flag Link Thu Jul 24, 2014
Hello there,

From what I understand you have a minimum 3 year waiting period for FHA and 7 year or more for conventional and the waiting periods can vary according to your circumstances. Of course it's always best to check with a mortgage broker for the best information about how to get you credit worthiness up to buying standards.
0 votes Thank Flag Link Thu Jul 3, 2014
Hello....I work for a professional consumer group that helps to resolve those type of credit issues. Please give me a call to see if I may be able to help...that is if you’re actually looking to get the situation rectified.

Sergio Marshall
972-231-0452 ext 109 http://www.whitejacobs.com/sergio-marshall
0 votes Thank Flag Link Thu Jul 3, 2014
A foreclosure showing on your credit is only half of the issue. I've seen many lenders that have foreclosed on a property and leave the previous owners on title. If you do not transfer the title to the property, you are technically not out of the woods. immediately after the FC, you need to quit-claim the property back to the original lender. It is 3 years from the date of the transfer of title that you can get financed. Not three years from the court proceeding!
If it shows you are currently in fc, then the simple answer is no! Good luck!
0 votes Thank Flag Link Fri Jun 13, 2014
If you have cash, probably.

If you need a mortgage, it really depends how long after the foreclosure.

It is probably best to consult a mortgage broker or banker and find out the specifics for your case.
0 votes Thank Flag Link Fri Jun 13, 2014
Talk with a lender. They is a time frame that you need to wait before purchasing again even with it on your credit score. You may be eligible depending when it was that you had the foreclosure. Good luck!
Flag Mon Jun 16, 2014
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