Home Buying in Charlotte>Question Details

ushikaclyburn, Home Buyer in Charlotte, NC

if you have lost a home in forclosure, what are the chances of you gettting approved for another home loan.

Asked by ushikaclyburn, Charlotte, NC Tue Sep 24, 2013

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There is usually a waiting period of 2 years. It can be more or less depending on the reason of your foreclosure, current finances, and financial record since the foreclosure. If you plan to apply for a mortgage again it is important to understand that lenders will look more closely at your finances so make sure all payments are made on time. Either way, I recommend you speak with a lender like myself to see what can be done for you. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014

Fortunately a new program has been put into place through FHA and you only have to wait 12 months to purchase a new home. Now that will still be contigent on whether you are paying rent etc on time from that point.

I am hosting a home buying seminar on October 2nd. There will be a credit restoration team there and financial consultant that could help you go over your options and help ensure getting your credit score increased for the future.

Email or call for more details. My email is kandace@kansellshomes.com or 704-724-7943.

I hope to see you there!

Kandace Stone
Real Estate Consultant
0 votes Thank Flag Link Thu Sep 26, 2013
If you are applying for a USDA Home Loan in NC, you will need to wait 36 months from the date of recording. For a VA Home Loan, you will have a 2 year waiting period. FHA just announced a new program for folks who lost their home to foreclosure due to a job loss. Since NC has had one of the highest Unemployment Rates for several years - this is a great benefit. Under the FHA Back to Work program, if someone in the household was out of work for at least 6 months, and the income loss was at least 20%, and this caused the severe credit issue... you only have to wait 12 months.
0 votes Thank Flag Link Wed Sep 25, 2013
It depends on the length of time that has elapsed, what kind of loan it was, what kind of loan is used the next time, what has happened in the interim. None of this stuff takes place in a vacuum, the total picture is reviewed, not just one component. I had to turn down a loan application last month where the borrower thought the timeline was over when actually it hadn’t even started yet.

Everyone is going to tell you x years, but very, very few actually know when the timeline actually begins and when it ends. If this is a planning question before the event, whatever you expect the timeline to be, double that amount and it will be a safer guess. If the foreclosure has already happened, and the home was sold at the court house door, then get a copy of the commissioner’s deed, that date still is not necessarily the start of the timeline but will be within a few months. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Sep 25, 2013
Good morning, Ms Clyburn:
Depending on the type of mortgage loan you get, your wait from discharge or final payment is: 2 years for VA, 3 years for USDA and FHA and 7 yrs for Fannie Mae and Freddie Mac . You may want to read the Trulia Real Estate Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" If you meet the criteria there and are past the above waiting periods, you will have a very good chance and we can help you find a lender. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Wed Sep 25, 2013
There is a waiting period to get another home loan post foreclosure. Generally it is two to three years post foreclosure. However; your credit will dictate some of it as well because of your credit score and how your credit was during and post foreclosure.

Also you may be able to get a waiver on some of the time depending on the circumstances that led to your foreclosure. For example if it was caused by loss of job or medical do to no fault of your own you may qualify for a forbearance and get a loan faster than the normal waiting period. You will be providing a lot of documentation and have to prove your position.

I hope this helps.....

Dave diCecco
Helen Adams Realty
Cell: 704-519-7895
0 votes Thank Flag Link Wed Sep 25, 2013
Depending on the type of mortgage loan for which you apply; your waiting period post foreclosure will be the following:

VA-2 yrs
USDA and FHA--3 yrs.
FNMA & FHLMC (Fannie Mae and Freddie Mac)-- 7 yrs.
0 votes Thank Flag Link Tue Sep 24, 2013
There is still a good chance, You would have to find a lender who would be able to approve you but you would have to meet some other conditions. There are lenders currently who are funding to those who foreclosure 1 year prior
0 votes Thank Flag Link Tue Sep 24, 2013
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