You have to be a creditor that reports to the bureaus or something like a judgement or lien reported from public records.
Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
That will vary state by state. I've had two unrelated/unmarried people buy a house together, but not 6. If all of your names will be on the mortgage, I'm guessing you will all have to qualify. Around here, at least, you can be on the deed but not the mortgage.... more
Its good for you to ask questions to understand exactly how your FICO score will be impacted. I would recommend that you check out the MyFICO website - I have pasted the link below. When you do decide to shop for alone make sure you have all the possible lenders you chose pull your credit around the same time for minimal impact.... more
Thank you for asking this question. First of all, know that you are not alone! You can purchase a home anytime after foreclosure, the issue is not that you cannot purchase a home, the issue is you cannot qualify for a government insured loan for your new home for a period of 5-7 years, depending on circumstance, your credit, etc. And unfortunately almost all loans being written today and most likely in the future are government insured loans.
This is one of the big differences many people do not understand about the difference between a foreclosure and a Short Sale. With a Short Sale, you could qualify in 2 years and possibly less.
As for your credit, you can and should start to work on improving your credit immediately. There are many non-profit organizations that can assist you with this and you can begin to see improvements in your credit within months.
For more information or if you or anyone you know would like to attend our Free Foreclosure Prevention Seminar for Homeowners on September 30th at the Pleasanton Hilton to learn more about this and other options for homeowners facing foreclosure, please visit our website at: www.ForeclosurePreventionResource.com
I hope this was helpful and I wish you all the best.
All The Best,
Tim Denbo, CDPE
Certified Distressed Property Expert