Since you let the home go to foreclosure instead of doing a short sale it will be about 5 -7years from the date of foreclosure. Credit Score 680 and 10% downpayment are needed. Fannie Mae keeps changing the guidelines
For you to buy the home without your husband you would need to qualify using only your income. A job for two years, a minimum score of 620 and 3.5% downpayment.
I have attached a link that has the table for the guidelines https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf
I am not sure if that is the last one or there have been more changes. If someone out there knows of any more recent changes please advise.... more
There are federal housing real estate appraisal guidelines that require the lenders to lend based on a value derived from an appraisal report NOT older than 6 months.
Based on the current financial industry mess, if any lender tells you "yes, you can", then run!
If you stay, your refinance will be very costly.
The alternative option is to find a lender where it is willing to consider an affidavit from the non-occupant co-borrower stating he/she is NOT making payments on your loan....AND an affidavit from you stating you are making 100% payments on the current loan.
Ultimately, approval will be dependent on the co-borrower's verifiable income to support both loans.
Be wary of any lender that requires "upfront" fees to review your refinance /and/ co-borrower new mortgage loan request. Because the lender will have to pull some strings an/or call upon some favors to make this work for you and the co-borrower. So you want to make sure it is do-able before paying any fees.... more