Home Buying in 85020>Question Details

mber1983, Other/Just Looking in Phoenix, AZ

Who would I go to if I had a foreclosure in 2011 and want to look into options of buying again?

Asked by mber1983, Phoenix, AZ Wed Mar 20, 2013

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Sean Heideman’s answer
I work with a lender that provides a "Second Chance Loan" where you can purchase another home immediately after a foreclosure or short sale. Please give me a call for additional details.

Sean Heideman, Broker
Position Realty
Office: 480-213-5251
Fax: 866-232-2256
Web: http://www.PositionRealty.com
0 votes Thank Flag Link Thu Mar 21, 2013
You should find a good lender to speak with first to see if they can work with the situation regarding the foreclosure in the past.
0 votes Thank Flag Link Thu Mar 21, 2013
I agree that it very much depends on your situation and loan program your after. I believe that USDA loans which are available for more rural areas (think San Tan Valley) are less stringent about foreclosure or short sales.
0 votes Thank Flag Link Wed Mar 20, 2013
Assuming several things and it will be a home you occupy, the wait period for FHA/VA is 3 years. Fannie/Freddie is longer. And know there is more to it than just waiting. Underwriting will be looking for a stronger borrower than typical after this event. Preparation is important and to echo Stephanie's comment below, "Very much depends on your personal situation."

Dave Jackson
Loan Officer/Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
602 277-3800 w
602 631-9788 f
602 524-2401 c
602 912-9438 h
davej@aflhomeloans.com http://www.aflending.com
0 votes Thank Flag Link Wed Mar 20, 2013
You should call me. I have the answers and the programs available to help you. Don't wait, interest rates are in your favor and house prices are climbing.
0 votes Thank Flag Link Wed Mar 20, 2013
Very much depends on your personal situation. I had a VA buyer that lost his home and in less than 2 years, was able to buy another home. You need to have a discussion with a lender. Good luck!
0 votes Thank Flag Link Wed Mar 20, 2013
At this point your only options on a loan would be a seller carry back or working with a lender that has programs for this purpose at a higher interest rate. You would most likely have to pay 7-8% on these loans from a lender and maybe 5-6% on a seller carry back. You would need to find a home where the seller has equity and is willing to do this. There are listings out there like that, you just have to search.
Please feel free to contact me if you need any help.
Lorrie Feld
Keller Williams Integrity First
0 votes Thank Flag Link Wed Mar 20, 2013
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