Jeffrey,

I've worked with credit my entire life ... and Lorie has been very honest and has introduced the reality to your situation.

... remember, if it sounds too good to be true --- it is.


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Mon Mar 10 2008, 07:55

Hey Lee Taylor,

This is Fabiola. No prob. Give me a call at (404) 494-3939 ext 325 and I'll be able to provide you with the contact info as well as the pre-qualifying details for the lender that will approve a buyer after 12 months of foreclosures. That's my specialty- working with renters turned homeowners & working with buyers with credit issues.

I find that in today's market, many people have the same story- either credit issues, no credit, or prior foreclosures or bankruptcies. From my successful experience of dealing with all types of buyers, I find that the best type of lender for qualifying buyers falling in these categories is to go through an FHA lender. Not just any FHA lender, but a Full-Eagle FHA lender. All other lenders are probably classified as a Mini-Eagle FHA lender. Trust me, there is a big difference. A Full-Eagle FHA lender does their own underwriting & sets their own approvals. A quick search online would reveal a host of Full-Eagle FHA lender.

I've been able to pre-approve and close on loans with buyers with scores barely over 500 and not much assets or downpayment.

Hope this helps!

Fabiola Fleuranvil, MBA
Re/Max Marketplace

Mon Mar 10 2008, 07:37

Jeffrey.... I read your question to be asking if you can buy another home now by means of obtaining a mortgage loan and that answer is unlikely.

There are so many factors that determine when you will be able to buy another home. Your income, your other credit, and your credit score...and how much down payment you have. The requirements needed to obtain a loan are still changing. I do not think anyone can truly predict when you will be able to purchase a home after foreclosure because the dust has not yet settled. And again, your other credit and credit score are going to make a huge influence. The amount of money that you have for down payment will also make a huge influence.

A lease purchase and owner financing are options for you right now; however, these options usually require some down payment. And in this market, there are great homes to choose from with these options.

I think the key here if for you to rebuild and budget so that you do not repeat losing another home or losing a down payment on a lease purchase or owner financed home.

If there is a lender that can make a loan 12 months after a foreclosure (as mentioned below) I am sure that the rate and the loan type would not be the best plan for the future or for truly recovering financially. In reality, you are looking at 2 to 4 years depending on the loan... and of course this is also determined by your credit since the foreclosure.

The days of everyone and anyone getting a loan are over. We are in a long recovery period from this type of lending. My recommendation is to budget and save while keeping your credit clean so that you can have a substantial down payment to put down on your next home when you can obtain a good and credible loan.

Best of Luck!

Mon Mar 10 2008, 07:18

All great answers, one more to add: Long term lease purchase and/or agreement for deed are vehicles to get you back into homeownership. There are lots of motivated sellers who will look at creative but LEGAL solutions. You will need a better than average earning potential to offset the foreclosure. Have a real estate attorney review these types of agreements.

Mon Mar 10 2008, 06:43

Jeffrey,

The question is "why" and what does your credit bureau look like...........?


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Mon Mar 10 2008, 06:25

Jeffrey,

Abosultely*

* First, if you lost your home, you might want to examine WHY? Was it a hospital stay or something that caught you off guard or was it something that you did. If it's the latter, you should work on correcting that.

Your credit score is only a number that tells people how good you are at getting into debt then paying on the debt. However, you'll want to build that.

Your best bet is to get with a good loan officer or counselor and work on rebuilding your BUDGET, then your credit.

If you have a good budget you can almost always buy a home, if you have a bad budget then most likely your credit score will follow.

Short Answer, YES you can buy another home, .... in time.

Mon Mar 10 2008, 05:44

Michael nailed the answer. Rebuild and restructure. Return from a position of strength.

Fabiola - you said, "I actually know of a lender than can pre-approve a buyer with a foreclosure on their record as long as it's been 12 months since the foreclosure."

Please post this lender's name and contact information.

I want to know anybody working in this market that offers such assurance!

Mon Mar 10 2008, 02:23

Hi Jeffrey,
While you can wait for a lender to approve for a loan. You can also look for a seller who needs to sell and would be willing to carry the loan for you. You might look for someone who has a house free and clear. It will be harder to do but if our persistent you can get a house. I would disclose your foreclosure and then work to show the seller that you have corrected your situation.

I hope this helps, good uck.

Sun Mar 9 2008, 19:58

Hey Jeffrey,

I sympathize with the loss of your home. Unfortunately, this is becoming a common scenario for many of us.

To answer your question, you can buy a home but you'll have to wait a little while. Depending on who you ask and which lender you go to, you'll have to wait anywhere from 1-4 years. I actually know of a lender than can pre-approve a buyer with a foreclosure on their record as long as it's been 12 months since the foreclosure. So that pretty much leaves you until November of this year and you'll be back in the game.

Hope this helps!

Fabiola Fleuranvil, MBA
Re/Max Marketplace

Sun Mar 9 2008, 19:43