Home Buying in 93307>Question Details

Martha Reyes, Home Buyer in Bakersfield, CA

How long do I have to wait to try to qualified for a home after a foreclosure?

Asked by Martha Reyes, Bakersfield, CA Mon Mar 31, 2014

Help the community by answering this question:


Hi Martha,

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.

Best regards,

Elva A. Wormley
Mortgage Consultant
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
2 votes Thank Flag Link Mon Mar 31, 2014

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.

thank you
1 vote Thank Flag Link Tue Apr 1, 2014
Does you office have spanish speaking staff so my parents understand the process and ask questions if they have any which i know they have plenty
Flag Tue Apr 1, 2014
Good Evening Martha,

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.

Nancy Villaseñor
Broker Associate
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
License #01433438
1 vote Thank Flag Link Mon Mar 31, 2014
3 years after you foreclose your house.
1 vote Thank Flag Link Mon Mar 31, 2014
Hi Martha,

Hi Martha,

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
1 vote Thank Flag Link Mon Mar 31, 2014
Hi Martha,
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.

Good luck!
1 vote Thank Flag Link Mon Mar 31, 2014
There is no wait period for certain loan programs. Just send me an email if you have any further questions.

Alex Greer
Loan Officer
NMLS #1056079

1 vote Thank Flag Link Mon Mar 31, 2014
Elva answer below is correct. We have a portfolio program starting next month that allows 1 day after foreclosure with 20% down to 1,000,000. 660 Min Credit score, 6 months reserves and full documentation. This is a 7/1 ARM, 30 year loan.

Mark R. Barrett
Mortgage Consultant
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
0 votes Thank Flag Link Fri Apr 4, 2014
For a foreclosure you will have to sit through a waiting period of around 3 years before you can obtain another mortgage. You can possibly obtain an FHA loan after one year if you had an economic event (such as unemployment) that resulted in a loss of income causing you to foreclose. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes Thank Flag Link Thu Apr 3, 2014
Hi Martha,

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!

0 votes Thank Flag Link Tue Apr 1, 2014
You don't! Actually we offer homes for sale where we are the bank. Basically, you can skip the big bank part, and you would just pay us monthly.

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.
0 votes Thank Flag Link Tue Apr 1, 2014
It is. And very secure. You are protected just as you would be with a regular mortgage.
It is called owner financing, and it's up to us, not the bank, who we feel is a good fit, so we can be much more flexible.
Flag Thu Apr 3, 2014
this sound so good to be true but how secure is this?
Flag Tue Apr 1, 2014

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
Mortgage Banker
CS Financial
BRE Broker 01118365
NMLS 1029116
Office 424-249-7434
Cell 415-269-6249
Twitter @mariopinedo
0 votes Thank Flag Link Mon Mar 31, 2014
Mario Pinedo,…, Real Estate Pro in Cupertino, CA
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