Home Buying in Powers>Question Details

Vickie, Home Buyer in Colorado Springs, CO

What is the minimum down payment the companies are looking for these days? How long does a person who has had a forclosure need to wait to by again?

Asked by Vickie, Colorado Springs, CO Sat Jun 11, 2011

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Hi Vickie, Shane and Boulder SuZ have it right and have provided some good links for you to check out. Just wanted to say that the USDA loans won't work unless you are looking quite far east of town or up in the Woodland Park area. Please feel free to contact me if you'd like assistance devising a "home buying plan" so you can know the exact steps necessary to get started.
1 vote Thank Flag Link Sun Jun 12, 2011
Assuming the foreclosure was not the cause of extenuating circumstances, then with a VA mortgage you can buy as little as 2 years later and VA mortgages are 100% financing. FHA permits 3 years after foreclosure with 96.5% financing (3.5% down payment). USDA permits 3 years after foreclosure as well, 100% financing but need to buy in an eligible area as well as can't make too much money. Fannie Mae & Freddie Mac require 7 years from foreclosure and Fannie Mae's loan programs can go up to 97% financing.

USDA eligible areas & income limits: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
1 vote Thank Flag Link Sat Jun 11, 2011
Hello Vickie!
You're probably looking at period of four years and it is highly recommended that you pay a lot of attention to getting your credit scores in shape. These are links that contain information I think will be useful to you.

How Do Mortgage Loans for Bad Credit Work?
http://www.ninerealestate.com/how-do-mortgage-loans-for-bad-…
FHA To Raise The Expense Of Government Mortgages
http://www.ninerealestate.com/fha-to-raise-the-expense-of-go…
Healing a Wounded Credit Score
http://www.nytimes.com/2011/02/19/your-money/19money.html?_r…
10 Things You Can Do Today To Improve Your Credit Score
Big Changes Coming for Mortgage Market
http://www.cnbc.com/id/41459957

More
http://www.smartmoney.com/spend/real-estate/why-you-should-b…
http://www.wannanetwork.com/2011/02/01/apply-for-a-va-loan-a…
http://portal.hud.gov/portal/page/portal/HUD

http://credit.about.com/od/creditrepair/tp/improvecredit.htm

Best,
SuZ
PML of Longmont, CO
0 votes Thank Flag Link Sat Jun 11, 2011
Vickie, you can get into a home with zero down if you can qualify for a VA loan. If not, there are other programs that can allow for you to get into a home with as little as a 1000 down. Please contact me for details 719-659-1475
0 votes Thank Flag Link Sat Jun 11, 2011
Vickie,
10% down payment is the standard on a residential home. There are many programs that can get you in a home for lower than 10%. If the area you buy in qualifies for a USDA loan, the down payment could be 0%. Usually, a lender will want to see at least a few years after a foreclosure before you buy again.
Talk with a mortgage consultant for all of your options. A mortgage consultant will normally offer you a free consultation. Good luck to you
0 votes Thank Flag Link Sat Jun 11, 2011
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