Question Details

Pia Leoni, Home Buyer in Queens, NY

Can I buy a house with a foreclosure record, with a cosigner?

Asked by Pia Leoni, Queens, NY Thu Apr 25, 2013

Help the community by answering this question:


People looking for home loans after a foreclosure will likely need to make a larger down payment. Definitely, you will need to improve your credit score. Try to make improvements in your credit score. Request a copy of your credit report and start paying all accounts in collections. In addition, you can dispute any errors you find. People can often get mortgage loans after a foreclosure by making the needed improvements in their rating. Sometimes, the boost you get using these methods may be enough to get approved on your own without a cosigner.

All the Best,

Maria Cipollone
0 votes Thank Flag Link Tue May 21, 2013
Having a co-signer does not erase your foreclosure. You must still credit qualify as an individual. You will need to wait:

2 years as a VA
3 years for FHA or USDA

Unless your previous property was financed using any Government Insured Loan i.e. FHA, VA, or USDA. If that's the case, you were most likely reported to the Federal Credit Alert System which is referred to as CAIVRS. If so, your toast!
0 votes Thank Flag Link Thu Apr 25, 2013
Yes, depending on how long ago you had a foreclosure...and many other factors...
0 votes Thank Flag Link Thu Apr 25, 2013
Too much information missing.
But, you've got my approval.
0 votes Thank Flag Link Thu Apr 25, 2013
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