Home Buying in 32811>Question Details

Hyattplace, Home Buyer in Orlando, FL

I am in a foreclosure can I get another mortgage on another house if I have a cash down payment

Asked by Hyattplace, Orlando, FL Wed Dec 5, 2012

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9
You can't have a home that just foreclosed and go out and get a mortgage for another. Come on really?? You were unable to pay for the home or you just stop paying and saved the money till the bank took it. A bank certainly wouldn't give you a mortgage right afterwords. Would you lend someone money for a home after they just lost theirs from not paying the bills.
0 votes Thank Flag Link Wed May 28, 2014
It all depends on how the foreclosure has affected your credit score. It's best to find out if it's worth it.
0 votes Thank Flag Link Wed May 28, 2014
I have a friend that just bought a Town House on Foreclosure. How long was yours? Also When do you want to buy? What location are you interesting to buy or Rent with buying options? Contact me again to see what we can do.
0 votes Thank Flag Link Sat Dec 29, 2012
Unfortunately, in order to obtain a new conventional/FHA/VA mortgage there is a minimum waiting period of 3 years from the date of the foreclosure. During this time period, one needs to re-establish good credit and avoid any late payments. Upon expiration of the 3 year waiting period, you may be eligible for traditional mortgage financing again.

Aside from traditional financing, there is what is called hard money financing. However, nowadays, even hard money lenders are requiring a minimum credit score of about 620 to be able to qualify for owner-occupant property. And, with the high costs associated with hard money, it might not be recommendable for an owner occupant.
0 votes Thank Flag Link Thu Dec 6, 2012
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Thank goodness the Private Investor / Hard Money option is available!

Yes, the rates and costs are higher, but what do those who have walked away form their debt and promise to pay expect?

Facts:

1. allows them to buy at these low prices
2. allows them to re-establish mortgage credit
3. allows then to take advantage of interest write off savings


Alternative? Become a Nomad Renter, moving every year, sitting on the sidelines and missing out on the best buying opportunity of a lifetime!

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0 votes Thank Flag Link Wed Dec 5, 2012
Steve I agree Private Investors give people a great option, however that is going to be some expensive money!! 8-12% minimum...
Flag Wed Dec 5, 2012
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0 votes Thank Flag Link Wed Dec 5, 2012
Yes, but the likelihood that it will be anything other than private financing is pretty rare. That being said, there are a lot of seller/private/owner financing options currently available. These will normally require a larger down payment, a higher interest rate, and ABSOLUTELY have someone review all documents before signing anything as private financing can be very slanted towards the note holder.

Neil G. Blair-Bennett
0 votes Thank Flag Link Wed Dec 5, 2012
YES!!!! However you need a good down pymt.

Contact me with the details

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0 votes Thank Flag Link Wed Dec 5, 2012
This is not going to fly unfortunately, no bank will finance this after they check the credit situation.

Highest and best regards,

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Luxury Property Specialist
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: vpaige1@yahoo.com
0 votes Thank Flag Link Wed Dec 5, 2012
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