Home Buying in 94539>Question Details

s_neeraj, Home Owner in 94539

Refinance with foreclosure on credit report

Asked by s_neeraj, 94539 Thu Jun 7, 2012

It has been 2.5 years since our Primary home was foreclosed. One year back we purchased home agai using private lender (8.5% interest). Is it possible to refinance in any scheme? I have 40% down payment in the home. Credit Score also reached 690.

Help the community by answering this question:


Fannie Mae has changed their guidelines to 4 years. Period.
However, if that foreclosure was due to extenuating circumstances (health issues, job transfer), you may be able to move forward with your refinance.
If not, you will need to wait the additional 1.5 years for convention and another 6 months for FHA.
0 votes Thank Flag Link Tue Dec 2, 2014
With so many great programs out there you should be able to refinance. Talk with a mortgage lender to understand your options.
0 votes Thank Flag Link Thu Nov 13, 2014
You can refinance with FHA.
You will have to pay mortgage insurance, but with a 4% interest rate and 1.5% monthly with MIP you are still at 5.5 vs. 8.5%.
Make certain that you have all your cancelled checks from paying the private lender....demonstrating that you have been making your payments on time as prescribed.
Now looking at the date of your question..you will be fine now as it has been 4.5 years
0 votes Thank Flag Link Sat Jul 26, 2014
There are different programs available under the HUD guidelines, Talk to a loan officer to evaluate your case.
0 votes Thank Flag Link Wed Jul 23, 2014
Go to http://www.WorldsBestCredit.com to get your credit fixed and then get qualify for the lowest interest rates from your mortgage company.
0 votes Thank Flag Link Mon Mar 17, 2014
I hope you were able to refinance into the 3% range, were you?? I'm actually refinancing borrowers in these situation, Going from Hard Money loans in the 8% range or higher, all the way down to loans in the 4% and 3% range is quite a substantial savings for borrowers!....The problem is, so many eligible borrowers not aware these loans are available and are listening to their Banks and other Lenders who can't offer these loans, telling them they have to wait years to go into a HIGH COST FHA loan or very strict guideline Fannie Mae loan. ----------------see loan options at: http://WWW.PRO-OPTION.COM
0 votes Thank Flag Link Wed Feb 26, 2014
Lending criteria and guidelines have changed. I would advice people who have gone through foreclosures and short sales, looking to buy a house, check with a loan officer.
0 votes Thank Flag Link Tue Feb 25, 2014
Ali, can you recommend any loan officers who offer fresh start program?
Flag Wed Mar 5, 2014
Hi S_neeraj, good for you! I glad to hear our answers helped you!
0 votes Thank Flag Link Thu Aug 15, 2013
Thanks to all of you. I got loan from a bank with 25% down from their portfolio investment fund.
0 votes Thank Flag Link Thu Aug 15, 2013
Hi S_Neeraj, you need to talk to a good mortgage broker who can help you. My office has a loan dept you are welcome to call them. My office is R.E. Realty Experts in fremont The Phone Number is 510_226_2444 ask for the loan dept. Dawn
0 votes Thank Flag Link Thu Aug 15, 2013
there are many factor involve
please contact me I am mortgage broker .

Omar Khamisa
Mortgage Loan Manager
NMLS#: 369325
Office: 925-365-MSJM
Cell: 510-648-5535
Fax: 510-751-4823
0 votes Thank Flag Link Thu Aug 15, 2013
I just found a site that tells you if you can qualify for a mortgage after a short sale or foreclosure. Try http http://:www.whywaitbuytoday.com
0 votes Thank Flag Link Sat Aug 10, 2013
Thanks a lot to all of the advisers. I am planning to work with couple of the names below who looks to be helpful in actually getting this done. I will update if I will have any luck.
0 votes Thank Flag Link Thu Sep 6, 2012
Shop around with diferrent mortgage brokers and see who can be able to give a better deal.

Good Luck,

Maria Cipollone

0 votes Thank Flag Link Thu Sep 6, 2012

I may be able to help.

I work for both a Real Estate Attonrey/Broker.

We typically assist homeowners in distress and try to have options.

I have been contacted by investors who claim they can help homeowners with short sales and foreclsoures buy or refinance.

Their rate is lower than what you have

Your loan along with other debt on your credit report needs to be at or below 45% of your gross income,

You need to be on your job for at least 3 years. Credit score is unimportant ability to pay and collateral is what they lend on.

JoAnna Jensen
Executive Legal Assistant

Legal Realty

0 votes Thank Flag Link Thu Sep 6, 2012
You don't have to wait as long as you can prove 2.5 yrs of On Time payment, big enough loan amount, income, etc.

Caontact me later today.

0 votes Thank Flag Link Mon Aug 27, 2012
For a conventional loan you will have to wait 7 years after the foreclosure deed transferred out of your name. FHA only needs 3 years, VA 2. The mortgage insurance on FHA loans is very high, but it's still much better than 8.5%. But you will have to wait 3 years. Send me an email or call or you would like me to research the date your deed transferred on the foreclosure.
0 votes Thank Flag Link Sun Aug 26, 2012
I am a Mortgage Broker.

If you want my advice, please say so on this thread.

0 votes Thank Flag Link Sun Aug 26, 2012
Hi Neeraj,

As many have suggested your best bet is to talk to mortgage broker, since they work with many small banks they will have flexibility to work with your situation. Please feel free to call me if any questions.

Ashok Patel
0 votes Thank Flag Link Fri Jun 8, 2012
It isn’t as simple as anyone is making it sound. It depends on what kind of loan you had back then and what type you are trying to use now. Just for example, if you had an FHA loan back then and want to use FHA again your eligibility would depend on when HUD paid the claim if there was one, not the date of the foreclosure. That payment could have been made last week, not years ago. Gather all of the documents, including the deed from the sheriff’s sale and all of your support documents, then visit with a local loan officer, face-to-face and have them review everything. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jun 8, 2012
Ditto what Elliott said. You need at least 3 years to get any kind of financing better than what you currently have. You can call all the referrals that the agents are giving you and get the same answer.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Fri Jun 8, 2012
Hi you can contact my friend Mindy, she has been doing loans for 30 years and she can get loans closed. Her email is min@witherell.us
0 votes Thank Flag Link Fri Jun 8, 2012
You are going to need to wait a full 3 years before you can apply again for any government or Conventional loan which will provide for the best rates.

You are not too far off from that so I would sit tight and wait for the full 3 years.
0 votes Thank Flag Link Fri Jun 8, 2012
Talk to a local mortgage banker. Not one of the big banks, but a smaller institution that specializes in writing mortgages. They will know the answer to your question. I am pretty sure the waiting period on a full blown foreclosure is 3 years, but check with the banker.
0 votes Thank Flag Link Fri Jun 8, 2012
Best that you address your question to lenders. Ask at least 2-3 lenders how they can help you.

If you're been working diligently in repairing your credit, plus the significant equity you have managed to build up, there may be some possibilities open to you.

Good luck.
0 votes Thank Flag Link Fri Jun 8, 2012
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