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: http://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
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program from a minimum 640 fico score up to 417k.
After 3 years, you may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program from a minimum 640 fico score up to 417k. After 4-7 years, you may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
You will need to be pre-approved if you decide to buy and to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
If my response was helpful, consider clicking Thank, Link or Best Answer.
We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.