Home Buying in 85138>Question Details

Al, Home Buyer in 85138

need a mortage for $300K. Have high salary job, recent foreclosure, but decent credit

Asked by Al, 85138 Fri Dec 9, 2011

Help the community by answering this question:

Answers

7
And my understanding is 2 years on a Shortsale, and 3 years on a Foreclosure.

Good luck and may God bless

Merry Christmas
1 vote Thank Flag Link Fri Dec 9, 2011
That sounds about right. Still should check with a mortgage broker to be sure.
Flag Mon Feb 2, 2015
It will depend on the length of time since foreclosure, if you have reestablished credit and the circumstances surrounding the foreclosure.
I would be happy to help you or answer questions if you contact me.
0 votes Thank Flag Link Mon Feb 2, 2015
You may be able to get a portfolio lender to complete a mortgage if your file is outside secondary market perametors
Flag Mon Feb 2, 2015
You definitely need to speak with a mortgage broker as rules have recently changed on foreclosure criteria. Good luck.
0 votes Thank Flag Link Mon Feb 2, 2015
Depends on how "recent" your foreclosure was. It is really simple, go talk with a lender. It is a free process for you to go through and then you will know exactly where you stand, how long you will need to wait before you can purchase a home, and what else you can do to increase your scores.

Good luck.
Spirit
0 votes Thank Flag Link Sat Dec 10, 2011
Al, If you have a high salary job why the recent foreclosure? FNMA & FHLMC want to wait 7 years after a foreclosure. They will do it after 3 years with extenuating circumstances, but you have a high salary job. If it was a strategic foreclosure then expect a 7 year wait.
0 votes Thank Flag Link Fri Dec 9, 2011
0 votes Thank Flag Link Fri Dec 9, 2011
My understanding is that you will need to wait two years from the date of the foreclosure before you can qualify for a mortgage. By all means, check that with a mortgage banker, however. You may also be able to find owner financing if you try hard, but those deals are very hard to come by especially with interest rates as low as they are today.
0 votes Thank Flag Link Fri Dec 9, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer