More information is needed. Such as what do you mean by your home was lost? Do you mean it was foreclosed on? If so, when was it foreclosed on? VA requires 2 years from a foreclosure unless it was due to extenuating circumstances, then just 1 year is needed. Job loss can sometimes be considered an extenuating circumstance, but most of the time lenders are reluctant to consider it as they are looking for situations such as medical. Other loan programs require a longer period of time from the foreclosure. VA also requires 12 months of clean credit, so depending on when the last late payment on the credit cards was you may still have some time to go. I know of a couple lenders going down to a 545 FICO score on VA financing but they only lend on the west coast, majority of lenders are looking for a 620 score for mortgage financing.
Shane Milne | Lending in all 50 states | NMLS #81195... more
A mortgage broker would be best to answer your question, but a lot will depend on your fico score and your credit history at the time you apply which will be in 6-12 months as you state. And the fact you were never late on your current mortgage is also a good indicator. I would also seek out local savings banks who hold there mortgages.... more
Sadly....you might not be able to. FHA looks for a 620 FICO score and that would allow you to get into a home with 3.5% down. What you should do is concentrate on raising that score. Obviously you need to pay everything on time, but also open a couple small credit cards and use them responsibly. You also want to make sure that none of your credit cards/lines has more than 50% balance. These are a few things to boost your score.
I would also suggest looking at your report and make sure everything on it is correct. If not...dispute it with the 3 companies and get the wrong information removed.