Home Buying in Southfield>Question Details

Laura Hill, Home Buyer in Southfield, MI

recent foreclosure & repo, but are now making better than average income, are companies/banks finance or should I expect to rent longer

Asked by Laura Hill, Southfield, MI Sat Jun 30, 2012

Help the community by answering this question:


The foreclosure record normally stay in your credit report at least 5 to 7 years. You can buy a home after three years only if the foreclosure was caused by extenuating circumstances. If it was because you can not afford the mortgage payment, you will need to wait 5 to 7 years.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Sat Oct 27, 2012
You will need to wait 3 years after forclosure to get a traditional mortgage. NACA (nonprofit association) does give mortgages that are nonscore driven. A rent with option, land contract or having an investor buy and sell to you on a land contract are all options, but more costly ones.
0 votes Thank Flag Link Sun Jul 1, 2012
Hello Laura,

If you had a recent foreclosure, that is going to impact your chance of borrowing any money or getting a mortgage for quite sometime. You should expect to rent for a while.

What I would do if I were you is get a copy of my credit report (you can get a free one every year, online) and see what is on that report. Then call a mortgage lender and ask them what you can do to help improve your credit scores and possibly get any of the negative remarks removed off of your report.

You will have to slowly improve your credit over the course of the next few years until you are eligible to qualify for a mortgage.

There really isn't much else you can do at this point, besides purchasing home on a Land Contract.

Let me know if you have any more questions,

Thank you,

Elias Realty
(248) 379-6547
0 votes Thank Flag Link Sat Jun 30, 2012
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