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oohbonnie, Home Buyer in National City, CA

i had a foreclosure in february 2010. but i paid cash in january 2009, for my home in national city. i sold the national city home to my daughter. i

Asked by oohbonnie, National City, CA Thu May 24, 2012

was wondering if its possible for me to get a home loan. i have guaranteed income and over 100k in assets. the homes im looking at are under 200k. thanks a bunch for any help. now would like to buy a house. how hard would it be to get a home loan. thanks a bunch for any answers.

Help the community by answering this question:


You got some good answers below, but yes, YOU MUST discuss your specific situation with a good lender to see what your exact options are and if you qualify for certain programs.

Good Luck to you...
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0 votes Thank Flag Link Sat May 26, 2012
You need to speak with a reputable lender.....directly, not through Trulia. If you would like to give me a call, I can refer you to some reputable mortgage brokers.
0 votes Thank Flag Link Fri May 25, 2012
Hi There,

I believe FHA still has a three year rule on foreclosures, unless there are extenuating circumstances. These wouldn't include a job transfer, but things like serious illness or death of one of the wage earners, and the borrower has re-established good credit since then. Divorce isn't considered extenuating unless the loan was current at the time of the divorce, but the ex got the property in the settlement, then didn't pay the mortgage and it was foreclosed.

The best thing to do would be to talk to a couple of lenders to see what they have. I can send you a broker and lender to talk to if you'd like.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
0 votes Thank Flag Link Fri May 25, 2012
That is a good question for a lender. At this site… you will find 3 lenders that I work with and they can answer your question. There are many factors that will come into play when the lender makes the final decision. Some lenders may consider lending to you again especially with a good down payment.
Good luck,

I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Fri May 25, 2012
It entirely depends on what type of financing you are looking for. Some financing like FHA, only requires a 2 year period before you can obtain an FHA loan. As long as your credit is cleared up, everything is in good standing and your score meets the minimum, paired with good income, you should have no problem getting approved! For other types of financing like conventional, you'll have a longer waiting period! Do you need a mortgage professional to speak to? I'd be happy to point you in the right direction!!
0 votes Thank Flag Link Thu May 24, 2012
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