Home Buying in 91367>Question Details

Edward, Home Buyer in Los Angeles, CA

Looking for a lender that can help me get a loan to buy a house even if I had foreclosure in 2011.

Asked by Edward, Los Angeles, CA Tue Jul 23, 2013

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Gregorio Denny’s answer
Sorry, that's not going to happen unless you have a very large down payment and seek non-traditional financing. Wait another year, work on re-establishing GOOD credit and apply for FHA after 3 years.
0 votes Thank Flag Link Tue Jul 23, 2013
Hello Edward, you would have to be a Veteran to qualify 2 years from a foreclosure or short sale. Are you interested in a Hard Money loan with large down payment and high interest rates as that may be your only alternative right now.

You would need 3 years from a foreclosure/short sale to qualify for FHA 3.5% down or as low as .5% half percent down payment program from a minimum 580 fico score. Had you done a short sale you may have qualified to buy 2 years from a short sale with 20% down.

I specialize in Over and Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can look at your credit within a few months of 3 year foreclosure sale date and I can raise fico scores within 3-4 days in most cases. Here are some links to study and consider that I offer when your ready.






Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
9am till 7pm 7 days

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1 vote Thank Flag Link Wed Jul 24, 2013
Sheryl is exactly right on this. A foreclosure is a serious derogatory credit item and lending guidelines mandate that you wait a certain period of time before you can apply for a new mortgage.

In addition, you'll need to demonstrate that you have been ultra-responsible with your credit/finances since then. You'll need to prove that the foreclosure was due to a temporary bad situation and is unlikely to happen again.

It is also true that you may be able to find some hard money financing out there at an outrageous rate if you have a large (20% or more) down payment saved. But you're probable just best off waiting until you can qualify for an FHA mortgage in another year. Take that loan, then in 4 more years you can refinance it into a conventional loan.

Best of luck Edward!
0 votes Thank Flag Link Wed Jul 24, 2013
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