If you have a large enough down payment, there is no waiting.
If you do not have sufficient down payment funds, the next best program would be the FHA Back to Work program. FHA will allow consideration of borrowers who have experienced an "Economic Event" and can document that certain negative credit ratings resulted from loss of employment or significant loss of Household Income beyond the borrower’s control; and the borrower has demonstrated full recovery from the event and completed housing counseling.
If neither of those options apply to you, you would have to wait 3 years for regular FHA financing, 2 years for VA, 3 years for USDA and 7 years for conventional.
Elva A. Wormley
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
everyone will give you different answers.. my suggestions is get with your Realtor and he/she should be able to help you. if you don't have one, please give me a call, and i can guide through proper people.
The waiting period after a foreclosure varies. I can refer you to a lender that can take a look at your current situation. Please contact me anytime.
RE/MAX of Santa Clarita
25101 The Old Road
Santa Clarita CA 91381
Direct (661) 945-7200
Office (661) 284-5095
Fax (866) 519-2179
My name is Linda Banales, I am a Real Estate Broker. I don't do loans but I know there is a program that is called "Back-to-Work" program designed for former homers who had a Foreclosure, Deed-In-Lieu, Short Sale, etc. I currently have 3 Home Buyers that are using this program. In fact 2 are Closing this week. I would Love to put you in touch with our Loan Specialist so he can help you too! Please feel free to cally cell phone at 661-393-5401. Until next time, wishing you a FANTASTIC day and week!
visit my website http://www.LindaBanales.com
Facebook: Linda Banales-TheBanales Group
As far as I know, you must wait three years to use FHA loan and seven years if going conventional. I suggest calling a reputable, local lender for quotations regarding financing. I do a lot of work with Cherie Bowen at Academy Mortgage. Her number is 661-343-1068. She will answer all of your questions.
Mark R. Barrett
Office (661) 544-8787
C2 Financial Corporation
5330 Office Center Court, suite 61
Bakersfield, CA 93309
NMLS #279056 / BRE #01438387
I only lend in California
Sr. Mortgage Banker
NMLS # 659743
I did a blog on this not too long ago. It's important to consider the new QM rule that will increase mortgage rates for those with low FICO scores. More info on that below. Hope this helps!
We have 3 homes available just like that in Bakersfield now.
You can call us at 805 870 5749 and you can find out if it's a good fit for you!
Just ask for Adam and he'll take care of you.
We have a loan program that does not require any waiting. There are FICO and down payment qualification requirements and normal underwriting to consider of course.
Feel free to give me a call or email me and I can give you all the details.
Mario Pinedo, CCIM
BRE Broker 01118365