Home Buying in Dallas>Question Details

Texas2012, Home Buyer in Dallas County, TX

Does anyone know a mortgage lender (name, please) that will approve a loan for someone that had a foreclosure 5 years ago?

Asked by Texas2012, Dallas County, TX Thu Sep 27, 2012

Credit score is 659, income is over 100K and monthly bills are about $1500.00.

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Answers

10
Jim Simms’ answer
In my shop the minimum waiting period where there was a foreclosure is 3 years from the date the property transferred, if you are trying to go FHA. But it isn’t really as simple as that, it also requires re-establishing credit, meeting the minimum FHA scorecard, getting an approval from AUS, etc. It is a lot more complicated than anyone in my business makes it sound. Loan officers are sales people, we try to encourage. Just hook up with a Realtor you trust and them have them introduce you to the local lender they trust the most and ask the LO for guidance. The only way you can be sure is to look at the entire picture, not just one small slice like the waiting period. Working as a team will get you there ASAP. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
1 vote Thank Flag Link Fri Sep 28, 2012
0 votes Thank Flag Link Thu Oct 4, 2012
I have several really great mortgage people who can answer your question and take you through the pre-approval process step-by-step. With that credit score and this length of time, you should be good to go. Please contact me and I'll put you in contact with them!

All the best,
Heather
0 votes Thank Flag Link Fri Sep 28, 2012
Hi there,

You can go with most lenders. You can get FHA loan after 3 years of foreclosure and 4 years with regular loan.

Please let me know if you need any lender contacts, I have 3 that will able to help.

Thanks

Dixon
Realtor
JP and Associate
http://www.findyourtexashome.com
0 votes Thank Flag Link Fri Sep 28, 2012
Jennyloans.com

Jenny Phung
1400 Preston Rd. #400
Plano, TX 75093
972-731-0165

GOOD LUCK.

Kenny
0 votes Thank Flag Link Fri Sep 28, 2012
Two names, Dick Dobbs, 469-879-5050
Andrew McElyea 469-774-4727
Good Luck,
Rosalyn Traylor
RE/MAX Premier Group
Preston Hollow Realty
214-351-0766
0 votes Thank Flag Link Fri Sep 28, 2012
Absent any other surprises that might be of concern on your credit report, 5 years should be more than sufficient time to have passed since the foreclosure. For example, if you are trying to use a VA benefit, you might have too much of your eligibility caught up in that event, and not enough to go forward. But FHA and conventional should be good options for you.

Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Fri Sep 28, 2012
Five years should be enough time for most lenders. You probably want to locate the deed from the Sherriff's sale to prove the date of the actual foreclosure, and write a letter detailing the circumstances that caused the foreclosure to occur.

Let me know if I can help.

John Lyng
Mortgage Counselor-NMLS 280951
NACA-Neighborhood Assistance Corporation of America
JLyng@NACA.com
0 votes Thank Flag Link Fri Sep 28, 2012
Yep.

I have closed loans for people 3yrs out of foreclosure recently.

This isn't a hard deal.

Now, score is only part of the picture.... And while you pass that test with 659 score..... We have to deal with the 'reasons' for the 659.

BUT.... You can get approved up to $271,050 loan thru the FHA program.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Thu Sep 27, 2012
If it has been 5 years ago I might not have any impact on your loan approval.

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
News Personality On Air Radio Show
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Thu Sep 27, 2012
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